Interested in saving money? Who isn’t, especially in this dismal economy when everyone is on a tight budget.
Sixteen states will temporarily eliminate their sales tax over the next couple of weeks to allow consumers to save on retail purchases–including back-to-school items. Depending on the state, the sales-tax holiday savings range from four to seven percent.
Getting the kids ready for school can sometimes cost a small fortune, so parents can get some relief through the sales-tax holiday especially when combined with back-to-sales.
As The Inquisitr has previously reported, a recent survey revealed that about 60% of parent indicated that the money they plan to spend on back-to-school shopping has been affected by current economic concerns.
Yes, it is still summer, but the somewhat depressing drumbeat for the back-to-school season has already begun.
That being said, according to SmartMoney.com, tax holidays have “been tremendously successful in drawing consumers into stores.”
The website provides an important reminder, however, that the details vary considerably from state to state, and even perhaps from store to store, and there may be exceptions, exclusions, and whatnot on specific items: “But while tax holidays offer many enticements, to maximize the savings it pays to understand the deals’ nuances and fine print.” Local taxes, if any, may also still apply.
Often the sale tax waiver applies only to clothing and shoes under $100, and school supplies, but again you need to carefully review the particulars in your area.
Most of the sales tax holidays are this weekend, so you’ll need to act fast.
Here’s a summary of the states with an August tax holiday and the amount of tax that will be waived on eligible purchases:
- Alabama –August 3-5 (4%)
- Arkansas–August 4-5 (6%)
- Connecticut–August 19-25 (6.35%)
- Florida–August 3-5 (6%)
- Georgia –August 10-11 (4%)
- Iowa–August 3-4 (6%)
- Louisiana–August 3-4 (4%)
- Maryland–August 12-18 (6%)
- Missouri–August 3-5 (4.225%)
- New Mexico–August 3-5 (5.125%)
- North Carolina–August 3-5 (4.75%)
- Oklahoma–August 3-5 (4.5%)
- South Carolina–August 3-5 (6%)
- Tennessee–August 3-5 (7%)
- Texas–August 17-19 (6.25%)
- Virginia–August 3-5 (4%)
Does a sales tax holiday motivate you to go shopping?