AN ACT RELATING TO TAXATION -- SALES AND USE TAXES -- LIABILITY AND COMPUTATION

This bill establishes a two-day sales tax holiday on August 10 and 11, 2024, allowing consumers to purchase certain items without paying sales tax. The tax break applies only to nonbusiness retail sales of tangible personal property, excluding specific goods like tobacco, fuel, electricity, vehicles, meals, and any single item priced over $2,500. While vendors do not need to collect sales tax on these qualifying purchases during the holiday, they must still file regular tax returns and report the sales. The bill also requires the state revenue director to report the amount of tax revenue forgone and file a detailed report with the legislature by the end of 2024.