AB 403 — 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)

EXEMPT (Reprinted with amendments adopted on April 21, 2025) FIRST REPRINT A.B.

19, § 1) 2026 General Election of whether the Sales and Use Tax Act of 1955 should beers at the 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 statedknown onand theprovided salesin receiptfull andto the trade-incustomer andat purchasethe occurtime as part of apurchase single,and Supportstated Taxon Lawcontemporaneous (chaptertransaction. 374 of NRS) to provide an identical exemption.

TheseolSections tax10-13 exemptionsof becomethis effectivebill onamend January 1, 2027, and expire by limitation on - *AB403* – 2 – December 31, 2050, only if the votersLocal approveSchool theSupport amendmentTax toLaw the(chapter Sales374 and Use Tax Act of 1955NRS) atto theprovide Generalan Electionidentical inexemption. 2026.

These - *AB403_R1* – 2 – 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 TaxAny 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,her374A.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.

- *AB403_R1* – 3 – defining certain terms;

providing penalties for - *AB403* – 3 – violation, and other matters properly relating thereto.” approved March 29, 1955, as amended.

45 THE PEOPLE OF THE STATE OF NEVADA DO ENACT AS FOLLOWS:

78 Section 1.

- *AB403_R1* – 4 – (d) The amount of any tax, not including any manufacturers’ or importers’ excise tax, imposed by the - *AB403* – 4 – United States upon or with respect to retail sales, whether imposed upon the retailer or consumer.

(1) The amount of the allowance is statedknown separatelyand onprovided in full to the salescustomer receipt;at the time of the purchase;

and (2) The trade-inamount of the usedallowance portableis electronicstated andseparately on the purchasesales ofreceipt; another portable electronic occur as part of a single, contemporaneous transaction.

and (3) The trade-in of the used portable electronic and the purchase of another portable electronic occur as part of a single, contemporaneous transaction.

- *AB403_R1* – 5 – 2.

- *AB403* – 5 – (c) Any amount for which credit is allowed by the seller to the purchaser.

(1) The amount of the allowance is statedknown separatelyand onprovided in full to the salescustomer receipt;at the time of the purchase;

and (2) The trade-inamount of the usedallowance portableis electronicstated andseparately on the purchasesales ofreceipt; another portable electronic occur as part of a single, contemporaneous transaction.

and (3) The trade-in of the used portable electronic and the purchase of another portable electronic occur as part of a single, contemporaneous transaction.

- *AB403_R1* – 6 – Sec.

Shall the Sales and Use Tax Act of 1955 be amended to exempt from the taxes imposed by this Act on the gross receipts from the sale and the storage, use or other consumption of tangible personal property, the amount of any allowance against the selling price given by a retailer for the - *AB403* – 6 – value of a used portable electronic taken in trade on the purchase of another portable electronic? Yes  No  Sec.

9 (Explanation of Question) The proposed amendment to the Sales and Use Tax Act of 1955 would exempt from the taxes imposed by this Act on the gross receipts from the sale and the storage, use or other consumption of tangible personal property, 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.

Any informalities, omissions or defects in the content or making of the publications, proclamations or notices provided for in this act and by the general election laws under which this election is held must be so construed as not to invalidate the adoption of the act by a majority of the registered voters voting on the question if it - *AB403_R1* – 7 – can be ascertained with reasonable certainty from the official returns transmitted to the Office of the Secretary of State whether the proposed amendment was adopted by a majority of those registered voters.

- *AB403* – 7 – Sec.

(b) The sale price of property returned by customers when the full sale price is refunded either in cash or credit, but this exclusion does not apply in any instance when the customer, in order to obtain - *AB403_R1* – 8 – the refund, is required to purchase other property at a price greater than the amount charged for the property that is returned.

- *AB403* – 8 – (e) The amount of any allowance against the selling price given by a retailer for the value of a used vehicle which is taken in trade on the purchase of another vehicle.

(1) The amount of the allowance is statedknown separatelyand onprovided in full to the salescustomer receipt;at the time of the purchase;

and (2) The trade-inamount of the usedallowance portableis electronicstated andseparately on the purchasesales ofreceipt; another portable electronic occur as part of a single, contemporaneous transaction.

and (3) The trade-in of the used portable electronic and the purchase of another portable electronic occur as part of a single, contemporaneous transaction.

(b) The amount charged for property returned by customers when the entire amount charged therefor is refunded in cash or - *AB403_R1* – 9 – credit, except that this exclusion does not apply in any instance when the customer, in order to obtain the refund, is required to purchase other property at a price greater than the amount charged for the property that is returned.

- *AB403* – 9 – (e) The amount of any tax imposed by the State of Nevada upon or with respect to the storage, use or other consumption of tangible personal property purchased from any retailer.

(1) The amount of the allowance is statedknown separatelyand onprovided thein salesfull (2)to The trade-in of the usedcustomer portableat electronic and the purchasetime of anotherthe portablepurchase; electronic occur as part of a single, contemporaneous transaction.

(2) The amount of the allowance is stated separately on the sales receipt;

and (3) The trade-in of the used portable electronic and the purchase of another portable electronic occur as part of a single, contemporaneous transaction.

H - *AB403**AB403_R1*