TPT; luxury item classification

HB 2639 creates a new "luxury item classification" for Arizona's business tax system, imposing a 6.5% tax rate on businesses selling qualifying luxury items. This directly affects retailers and sellers of high-end goods classified as "luxury items" under the law. The bill specifies that 50% of tax revenues collected from this new classification will be distributed to designated state funds as outlined in Section 42-5029. The law does not define "luxury items" but establishes a distinct tax rate and revenue distribution mechanism separate from existing business classifications like retail or restaurants.