The bill amends section 5739.01 of the Revised Code to establish a sales tax credit for the trade-in value of portable electronics or home appliances when consumers purchase similar items. This provision aims to alleviate financial burdens on consumers by allowing them to receive a tax credit based on the value of their trade-ins, potentially reducing the overall cost of new purchases. Additionally, the bill modifies the definition of "price" in sales transactions by removing the previous language regarding "credit for any trade-in" and replacing it with a broader inclusion of trade-in credits, thereby clarifying how these values are treated in sales tax calculations.

Moreover, the bill introduces new definitions and clarifications related to telecommunications services, fractional ownership of aircraft, and various products, ensuring a comprehensive understanding of retail sales and related transactions. It specifies that the term "price" will now reflect reductions based on trade-in credits, and it outlines the criteria for services and products such as durable medical equipment and fractional aircraft ownership. The bill also repeals the existing section 5739.01 and presents an amended version that harmonizes previous amendments, enhancing transparency in pricing and ensuring consumers are well-informed about the costs associated with their purchases.

Statutes affected:
As Introduced: 5739.01