OK SB723

Expands the annual three-day sales tax holiday (first Friday in August through following Sunday) to include school supplies, school art supplies, and school instructional materials under $100, in addition to existing clothing and footwear exemptions.

Defines school supplies, school art supplies, and school instructional materials as items commonly used by students in courses of study, with instructional materials specifically including written reference materials.

Excludes computers and school computer supplies from the sales tax exemption, consistent with the Streamlined Sales and Use Tax Agreement.

Applies the exemption to both state sales tax and local municipal sales taxes imposed by counties and incorporated cities or towns.

Becomes effective July 1, 2009, with an emergency clause making it effective immediately upon passage and approval.