Senate Bill 706 proposes amendments to the sales and use tax exemption for personal farm property or household goods sold by auction. The bill renumbers and amends the existing statute 77.51 (9) (e) to clarify that the exemption applies to "five or fewer auction events" held by the same auctioneer at the same location during the year, rather than just "auctions." An "auction event" is defined as the total number of consecutive days that property is available for bidding, and for online auctions, it refers to the consecutive days during which winning bids are selected, regardless of the property’s location.

Additionally, the bill creates two new definitions under 77.51 (9) (e) 1. and 2. The first defines "auctioneer" as a licensed individual or auction company conducting auctions in the state, while the second clarifies "location" as the physical address where the auction takes place, specifying that in shopping centers or malls, it refers to a store. This legislation aims to modernize the tax exemption framework to better accommodate the evolving nature of auctions, particularly those conducted online.