SB 0334 Establishes sales tax holiday and requires retailers to return sales tax refunds to those paying the tax
LR Number:1290S.07P Fiscal Note:1290-03
Last Action:05/18/01 - 004 S Calendar S Bills for Third Reading (In BC) Journal page:
Title:SS SCS SBs 334 & 228
Effective Date:Emergency Clause
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Current Bill Summary

SS/SCS/SBs 334 & 228 - This act creates a state and local sales tax holiday for items of clothing (costing no more than $100 each) and school supplies (costing no more than $50 per purchase) sold during a four-day period in August, 2001 and 2002. The state will reimburse all local tax revenues lost in calendar year 2001 and individual political subdivisions may, by ordinance, opt their local sales taxes out of the holiday exemption beginning in calendar year 2002. A joint legislative committee is created to study and review the effect of the sales tax holiday and to report their findings and recommendations to the General Assembly by January 8, 2003. This portion of the act has an emergency clause and a sunset date of July 1, 2003.

This act also prohibits retailers from obtaining refunds for sales taxes without crediting the original purchasers. This portion of the act is identical to SB 195 (2001).