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

HB 5475 proposes to exempt new and used bicycles from state sales and use taxes. This means that individuals purchasing a bicycle would no longer be charged sales tax on that transaction. The bill amends existing state laws that outline which goods and services are exempt from sales and use taxes, adding bicycles to that list. This change directly affects consumers who buy bicycles and businesses that sell them.