This bill establishes a sales tax and use tax holiday in Washington State, allowing individuals to purchase "qualified items" without incurring sales or use tax during a specified period each year. The holiday will take place from 12:00 a.m. on the Friday immediately following Thanksgiving Day to 11:59 p.m. on the following Monday. A "qualified item" is defined as any item with a sales price of $500 or less. The Department of Revenue is tasked with adopting rules for the administration of this holiday, ensuring they align with the streamlined sales and use tax agreement, and providing guidance to taxpayers.

Additionally, the bill includes provisions that exempt this act from certain existing regulations under RCW 82.32.805 and 82.32.808. This legislative change aims to provide financial relief to families by encouraging consumer spending during the holiday season while simplifying the tax process for eligible purchases.