Synopsis As Introduced Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, notwithstanding any other provision to the contrary, no tax shall be imposed under those Acts upon the privilege of using in this State (for the Use Tax Act) or persons engaged in the business of selling at retail (for the Retailers' Occupation Tax Act) any item that is (i) purchased for a selling price of $2,500 or less and (ii) purchased from 12:00 a.m. through 11:59 p.m. of the first Saturday in August of each year. Provides that a unit of local government may, by ordinance adopted by that unit of local government, opt out of the tax holiday and continue to collect and remit the tax imposed under those Acts during the tax holiday period. Amends the State Mandates Act to require implementation without reimbursement. Effective immediately.