MS HB686

Exempts retail sales of school supplies from Mississippi sales tax if the item costs less than $100 and is sold during the period beginning at 12:01 a.m. on the first Friday in August and ending at 12:00 midnight the following Saturday.

Defines "school supplies" as items commonly used by students in courses of study, including a comprehensive list of 42 specific items such as backpacks, binders, calculators, pencils, notebooks, markers, textbooks, and art supplies.

Allows municipalities to suspend application of this exemption within their corporate limits by adopting a resolution and providing notice to the Department of Revenue at least 90 days before the suspension takes effect, effective January 1, 2019.

Takes effect July 1, 2018 and does not affect any tax claims, assessments, or actions that accrued before the effective date.