SB 706

Current law provides a sales and use tax exemption for five or fewer auctions for the sale of personal farm property or household goods that are held by the same auctioneer at the same location during the year. This bill provides that the exemption applies to five or fewer auction events that are the sale of such property or goods held by the same auctioneer at the same location during the year. Under the bill, an auction event is the total number of consecutive days for which property at that location is available for bidding. With respect to an auction for which all or some of the bids may be submitted over the Internet, an auction event is the total number of consecutive days that winning bids are selected, regardless of whether the property being sold is at multiple locations.

Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.