Senate Bill 706 proposes amendments to the sales and use tax exemption for personal farm property or household goods sold by auction. The current law allows for a tax exemption for five or fewer auctions held by the same auctioneer at the same location within a year. The bill modifies this to specify that the exemption applies to five or fewer auction events, defined as the total number of consecutive days property is available for bidding. Additionally, for auctions where bids can be submitted online, the auction event is defined as the total number of consecutive days that winning bids are selected, regardless of the property’s location.

The bill also introduces new definitions for "auctioneer" and "location." An auctioneer is defined as a licensed individual or auction company conducting an auction, while location refers to the physical address where the auction takes place. The bill renumbers and amends existing legal language to incorporate these changes, ensuring clarity in the application of the tax exemption. The act is set to take effect on the first day of the third month following its publication.