UPDATE: Eleven states are launching exciting sales tax holidays on back-to-school supplies, including laptops and other electronics, just in time for the shopping season. These tax exemptions promise significant savings for families as students prepare to return to school this fall.
JUST ANNOUNCED: Florida’s sales tax holiday runs from August 1 to August 31, allowing residents to purchase computers priced under $1,500 without paying state sales tax. This is a crucial opportunity for shoppers eyeing new devices, such as the popular MacBook Pro, which retails for $2,499 but can be bought tax-free in states like Massachusetts on August 9 and 10.
Many states are timing these holidays around the back-to-school shopping rush, giving families a financial break as they prepare for the upcoming school year. The sales tax exemptions apply to a variety of items, including clothing, shoes, and school supplies, making it an ideal moment for budget-conscious parents.
The Institute on Taxation and Economic Policy estimates that state and local governments will lose nearly $1.3 billion in revenue this year due to these tax holidays. With many states experiencing budget constraints, this significant revenue loss is raising eyebrows among officials.
Here’s a quick overview of the states participating in the sales tax holidays:
– **Alabama**: July 18-20; computers under $750 and school supplies.
– **Arkansas**: August 2-3; includes laptops and school supplies.
– **Florida**: August 1-31; tax-free for computers below $1,500.
– **Massachusetts**: August 9-10; tangible personal property under $2,500.
– **Missouri**: August 1-3; personal computers under $1,500.
– **New Mexico**: July 25-27; computers under $1,000.
– **Ohio**: August 1-3; all tangible personal property under $500.
– **South Carolina**: August 1-3; computers and related supplies.
– **Tennessee**: July 25-27; personal computers under $1,500.
– **Virginia**: August 1-3; cell phone chargers under $60.
– **West Virginia**: August 1-4; computers under $500.
These tax holidays not only present a chance for families to save but also highlight the ongoing trend of states providing financial relief during peak shopping seasons. As the back-to-school rush heats up, many families are looking forward to taking advantage of these savings.
As shopping begins, officials encourage residents to check their local department of revenue websites for specific details and eligibility. Families planning to purchase expensive electronics like laptops are advised to seize this moment, as the tax exemptions can lead to substantial savings.
Stay tuned for further updates as more states may announce additional tax breaks to help families prepare for the school year. This back-to-school shopping season is shaping up to be one of the most financially beneficial yet, so make sure to act fast and take advantage of these limited-time offers!
