HB 101 Summary

• Exempts obligations of $200,000 or less used to purchase real property (as permanent residence) from nonrecurring intangible personal property tax, deed transfer tax, and promissory note tax.

• Reduces tax on rental or license fees for real property use from 6% to 5%, effective January 1, 2016.

• Expands mail order sale definition to include internet orders and extends sales tax collection requirements to out-of-state dealers meeting specified nexus criteria, with a rebuttable presumption for dealers earning over $10,000 from in-state affiliates in 12 months.

• Creates annual sales tax holiday (first Friday in August through following Friday or Sunday) exempting clothing/footwear under $100, school supplies under $15, and personal computers/accessories up to $750.

• Establishes Restaurant and Hotel Renovation Tax Refund Program providing 50% refund of tax increase on renovation projects, capped at 20% of actual costs, with hotel projects requiring $2 million minimum and restaurant projects requiring $100,000 minimum in expenditures.