HI HB625

Establishes an annual general excise tax holiday in Hawaii during the last Friday in July through the following Sunday, exempting purchases under $2,000 from general excise tax if sellers pass savings to consumers.

Excludes age-restricted products (tobacco and alcohol), airport sales, layaway transactions, items for resale, internet/telephone/mail-order purchases, rental services, and taxable services performed on retail items from the exemption.

Requires retailers to have a valid general excise tax license and maintain records identifying item types, sale dates, and prices; prohibits averaging prices for "buy one, get one" promotions to qualify for exemption.

Permits retailers to offer discounts that reduce item prices to $2,000 or below to qualify for the tax exemption and prohibits selling multi-item units separately solely to meet the price threshold.

Takes effect upon approval.