ENGR. H.B. No. 2550 - Bill Summary

• Amends 68 O.S. 2011, Section 1634 to authorize a sales tax exemption for retail fireworks purchases made for eligible student group fundraising activities.

• Requires student groups to apply for an exempt transaction card or document at least 30 days before anticipated fireworks purchases, with verification from school officials or authorized representatives.

• Limits the validity period of exempt transaction cards to a maximum of 120 days from issuance.

• Relieves vendors of the requirement to collect sales tax when presented with a valid exempt transaction card and protects vendors from liability if they rely in good faith on the card.

• Declares an emergency effective upon passage and approval.