Relates to exemptions from sales and use taxes for gift certificates, electronic gift cards and magnetic gift cards

This bill creates a sales and use tax exemption for gift certificates, electronic gift cards, and magnetic gift cards sold by retailers. It defines these products to include physical or digital cards with a banked value redeemable for goods or services (excluding pre-paid phone cards). The exemption applies to the full face value of the card when purchased, meaning retailers wouldn't collect tax on the sale of these items. The law takes effect during the next quarterly sales tax period after it becomes law, requiring the tax commissioner to implement it promptly.