Assembly Bill 712 amends the current sales and use tax exemption for personal farm property or household goods sold by auction. The bill renumbers and modifies the existing statute 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 at a location. For auctions that allow bids to be submitted over the Internet, the definition extends to the consecutive days during which winning bids are selected, regardless of whether the property is at multiple locations.

Additionally, the bill creates 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 aims to provide clarity and flexibility regarding the sales tax exemption for online and in-person auctions, ensuring that the regulations accommodate modern auction practices. The act will take effect on the first day of the third month following its publication.