This bill reinstates the annual sales tax holiday for specific retail sales, allowing exemptions from the sales and use tax for certain items purchased for non-business use during a designated period. The items eligible for exemption include computers priced under $3,000, school computer supplies under $1,000, various school supplies, school art supplies, school instructional materials, and sport or recreational equipment. The exemption period is defined as the time from 12:01 a.m. on the ninth day before the first Monday in September until 11:59 p.m. on that Monday.

The bill also empowers the Director of the Division of Taxation to adopt necessary regulations to implement these provisions and ensure compliance with the Streamlined Sales and Use Tax Agreement. The regulations can be effective for up to 180 days from filing and may be amended as needed. The act is set to take effect immediately and will apply to retail sales made during annual exemption periods occurring at least 30 days after its enactment.