Language Page 599, after line 8, insert: "3-5.24 RETAIL SALES AND USE TAX EXEMPTION FOR SCHOOL SUPPLIES$0$0 Notwithstanding § 58.1-639.1 or any other provision of law or regulation, the retail sales and use exemption provided for in § 58.1-639.1 of the Code of Virginia, applicable to school supplies, shall apply to book bags, messenger bags, and totes with a selling price of $50 or less."
Notwithstanding § 58.1-639.1 or any other provision of law or regulation, the retail sales and use exemption provided for in § 58.1-639.1 of the Code of Virginia, applicable to school supplies, shall apply to book bags, messenger bags, and totes with a selling price of $50 or less."
Explanation
(This amendment exempts school backpacks up to $50 during the annual retail sales and use tax holiday. Backpacks are currently capped at $20 or less. This results in a negative general fund revenue impact, which is yet to be determined.)