Sales tax holiday coming Aug. 3-5
Students start heading back to school at varying times around Aug. 1.
Just in time for the new school year is the seventh-annual Sales Tax Holiday, which runs Friday through Sunday, Aug. 3-5.
Consumers will not have to pay state or local sales tax on clothing with a price of $100 or less per item, school and art supplies with a price of $100 or less per item, and computers with a price of $1,500 or less.
State’s like Tennessee are able afford special tax-free weekends, especially after Tennessee general fund revenues have topped projections by more than a half-billion dollars with one month left in the budget year.
According to The Associated Press, State Finance Commissioner Mark Emkes announced Wednesday that collections came in at $130 million above estimates in June.
Sales tax collections, which make up about two out of three tax dollars collected by the state, beat projections by $26.6 million in the month, while corporate franchise and excise came in at $98 million above estimates.
So the extra $10 million in savings taxpayers receive won’t put a pinch in the state’s revenues.
“We are hopeful that all Tennessee shoppers will take advantage of the tax relief provided by the 2012 Sales Tax Holiday,” said Revenue Commissioner Richard H. Roberts.
There are several guidelines to follow for those who want to take advantage of the event, and they can be found on the website www.tn.gov/revenue/salestaxholiday
Other states offering tax-free weekends for school supplies are Alabama, Arkansas, Florida, Georgia, Missouri, New Mexico, North Carolina, South Carolina, Texas and Virginia.