Back-To-School Sales Tax Holiday: When Is Your State Offering One?
Although inflation has cooled a little compared to last year, the cost of school supplies has increased significantly, which is a cause of concern for many parents. To assuage parents’ concerns, several states have decided to have a back-to-school sales tax holiday this summer. Listed below are states that will soon host their back-to-school sales tax holiday events.
Back-To-School Sales Tax Holiday Events For August
The following states are scheduled to host their back-to-school sales tax holiday event before the end of the month:
Connecticut
Connecticut’s tax-free week will start on August 20 and run through August 26. Most states usually hold back-to-school sales tax holidays for two days, but Connecticut’s tax-free event will run for an entire week.
During the tax-free week, shoppers will be able to buy clothing and footwear items tax-free, provided the sales price of each is below $100. Items that will qualify as tax-free include jeans, dresses, shorts and skirts; socks, sneakers and slippers; rented uniforms and formal wear; hats, gloves and earmuffs; and undergarments, robes and swim suits.
Visit the Department of Finance and Administration’s (DFA) website for more information on the tax-free week.
Maryland
Maryland’s tax-free week will run from August 13 through August 19, allowing shoppers to purchase eligible clothing and footwear items without paying the state’s 6% sales tax rate.
Items that qualify as tax-free are individual clothing and footwear items priced at $100 or less, and the first $40 on backpacks are tax-exempt. Accessories and protective athletic equipment do not qualify.
Visit the Comptroller of Maryland website to get more information on the tax-free week.
Massachusetts
Massachusetts’ back-to-school sales tax holiday is scheduled for August 12 and 13. Unlike many states that limit sales tax on items costing $100 or less, Massachusetts’ sales tax holiday applies to most items costing $2,500 or less.
Moreover, the Massachusetts tax-free weekend applies to most items. Items that do not qualify as tax-free during the two-day back-to-school sales tax holiday event are meals and telecommunication; alcohol, tobacco and marijuana products; motorboats, motor vehicles, gas, steam and electricity.
Visit the Massachusetts’ government website for more information on the state’s back-to-school sales tax holiday.
New Jersey
New Jersey’s back-to-school sales tax holiday will run from August 26 through September 4. The tax holiday will apply to computers, school supplies, electronics and sports equipment. Specifically, the sales tax won’t be charged on computers costing less than $3,000 and computer supplies, such as printers, costing less than $100.
Visit the state Division of Taxation’s sales tax holiday FAQ page for more information on New Jersey’s back-to-school sales tax holiday.
Texas
Texas’ tax-free event will run from August 11 through August 13. The tax holiday will apply to eligible clothing, footwear and school supplies costing less than $100. Visit the Texas Comptroller website for more information on the tax-free event.
This article originally appeared on ValueWalk
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.
Source: Read Full Article