AB 403
Proposes to exempt from sales and use taxes the amount of any allowance against the selling price given by a retailer for the value of a used portable electronic taken in trade on the purchase of another portable electronic. (BDR 32-565)
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Sign in to take action- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill proposes to exempt from sales and use taxes the amount of an allowance a retailer gives a customer when they trade in a used portable electronic device to purchase another. This exemption would apply only if the retailer clearly states the allowance amount on the sales receipt and the trade-in and purchase happen as a single transaction. To implement this, the bill requires a voter referendum in 2026 to amend the Sales and Use Tax Act of 1955. If approved, the exemption would be in effect from January 1, 2027, through December 31, 2050, and would also apply to the Local School Support Tax Law.
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