The bill amends section 5739.01 of the Revised Code to introduce a sales tax credit for the trade-in value of portable electronics and home appliances when consumers purchase similar items. This amendment aims to provide financial relief by allowing consumers to receive a tax credit based on the value of their trade-ins, potentially lowering the overall cost of new purchases. The term "price" is redefined to include "credit for any trade-in," ensuring that the trade-in value is factored into the total price calculation. Additionally, previous provisions that limited the inclusion of trade-in credits have been deleted, streamlining the process for consumers and encouraging the trade-in of older items.

The bill also clarifies definitions related to various services and products, including telecommunications, food, drugs, and durable medical equipment, which may impact taxation and regulation. It introduces new definitions for fractional ownership of aircraft and outlines requirements for management services in fractional ownership programs. Furthermore, the bill repeals the existing section 5739.01 and presents a composite version that harmonizes previous amendments, ensuring clarity and consistency in the definitions of terms such as "gift card" and "sales tax holiday." These changes are set to take effect on the first day of the first month following the bill's effective date.

Statutes affected:
As Introduced: 5739.01