SB126 Summary

• Creates an annual "Second Amendment Appreciation Weekend" sales tax exemption for firearms purchased for personal use, running from 12:01 a.m. on the second Saturday in September through 11:59 p.m. the following Sunday each year.

• Defines "firearm" according to 26 U.S.C. § 5845 as of January 1, 2017, and exempts gross receipts and compensating use taxes on firearm purchases during the exemption period.

• Allows layaway and rain check purchases to qualify for the exemption under specific conditions, including when final payment is made or orders are accepted during the exemption period, even if delivery occurs later.

• Permits tax-free exchanges of firearms purchased during the exemption period for similar items, even if the exchange occurs after the exemption period ends.

• Requires a 60-day period after the exemption ends during which refunds of sales tax on returned firearms must be accompanied by proof of tax payment; exemption expires October 1, 2023.