The bill amends section 5739.01 of the Revised Code to establish a sales tax credit for the trade-in value of portable electronics and home appliances when consumers purchase similar items. This provision is designed to provide financial relief by allowing consumers to receive a tax credit based on the value of their trade-ins, potentially reducing the overall cost of new purchases. Additionally, the bill deletes the previous definition of "price" that included "credit for any trade-in" and replaces it with new language that clarifies how trade-in values will be treated in sales tax calculations, ensuring that consumers can effectively benefit from the tax credit.

Moreover, the bill introduces various definitions related to telecommunications services, retail sales, and fractional ownership of aircraft, among others. It specifies that certain terms, such as "prepaid calling service" and "digital products," are clearly defined to enhance understanding within the legal framework. The bill also repeals the existing section 5739.01 and presents a harmonized version that incorporates amendments from previous bills, aiming to modernize and clarify the legal structure surrounding these sectors while ensuring consistency in the treatment of trade-ins and discounts across different types of sales transactions.

Statutes affected:
As Introduced: 5739.01