House Bill 47 Summary

• Exempts retail sales of school supplies priced under $50.00 from sales tax during a two-day period beginning at 12:01 a.m. on the last Friday in July and ending at 12:00 midnight the following Saturday.

• Defines "school supplies" as an all-inclusive list of 41 items commonly used by students, including backpacks, binders, calculators, paper, pencils, pens, markers, folders, notebooks, textbooks, and art supplies.

• Allows municipalities to suspend this exemption within their corporate limits by adopting a resolution and notifying the Department of Revenue at least 90 days in advance, effective January 1, 2016 and thereafter.

• Maintains all existing sales tax claims, assessments, and enforcement provisions for taxes due before the act's effective date.

• Takes effect July 1, 2015.