The bill amends the Use Tax Act of 1937 by updating definitions and provisions related to the taxation of tangible personal property and services. Key insertions include the clarification of terms such as "person," "purchase," and "purchase price," which now explicitly include various entities and conditions under which transactions are considered taxable. Notably, the bill introduces a new provision for crediting the agreed-upon value of portable electronic devices used as part payment for new or used devices, ensuring that this value is separately stated on relevant documentation.

Additionally, the bill mandates the cancellation of outstanding balances related to delivery and installation charges for assessments issued before April 26, 2023, and prohibits new assessments for these charges for any tax period prior to that date. This aims to provide relief to taxpayers regarding past assessments while ensuring clarity in the application of the use tax moving forward. The enactment of this bill is contingent upon the passage of related legislation in the 103rd Legislature.

Statutes affected:
House Introduced Bill: 205.92