Assembly Bill 712 amends the existing sales and use tax exemption for personal farm property and household goods sold by auction. The bill clarifies 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, including those where bids can be submitted online. This change aims to provide a clearer framework for how auction events are counted for tax exemption purposes.

Additionally, the bill introduces new definitions for "auctioneer" and "location." An "auctioneer" is defined as any person or auction company licensed to conduct auctions in Wisconsin, while "location" specifies the physical address where the auction takes place, including provisions for shopping centers and malls. The bill is set to take effect on the first day of the third month following its publication.