Proposes to exempt from sales and use taxes the amount of any allowance against the selling price given by a retailer for the value of a used…

The nonadministrative provisions of the Sales and Use Tax Act of 1955 (part of chapter 372 of NRS) were approved by the voters by a referendum and therefore may not be amended, annulled, repealed, set aside, suspended or in any way made inoperative except by the direct vote of the people. (Nev. Const. Art. 19, § 1) Sections 2-9 of this bill require the submission of a question to the voters at the 2026 General Election of whether the Sales and Use Tax Act of 1955 should be amended to provide an exemption for the amount of any allowance against the selling price given by a retailer for the value of a used portable electronic taken in trade on the purchase of another portable electronic, if the amount of the allowance is known and provided in full to the customer at the time of purchase and stated on the sales receipt and the trade-in and purchase occur as part of a single, contemporaneous transaction. Sections 10-13 of this bill amend the Local School Support Tax Law (chapter 374 of NRS) to provide an identical exemption. These tax exemptions become effective on January 1, 2027, and expire by limitation on December 31, 2050, only if the voters approve the amendment to the Sales and Use Tax Act of 1955 at the General Election in 2026. Any amendment to the Local School Support Tax Law also applies to other sales and use taxes imposed under existing law. (NRS 354.705, 374A.020, 376A.060, 377.040, 377A.030, 377B.110, 543.600 and various special and local acts) Therefore, if the voters approve the exemption proposed by this bill, from January 1, 2027, through December 31, 2050, the exemption will apply to all sales and use taxes currently contemplated under existing law.

Proposes to exempt from sales and use taxes the amount of any allowance against the selling price given by a retailer for the value of a used portable electronic taken in trade on the purchase of another portable electronic. (BDR 32-565)