|
Second sales tax holiday coming in early August for school supplies
RICHMOND - Need school supplies and clothing for the fall? Plan your shopping for the first weekend in August and you will save some money.
Virginia's second sales tax holiday is set for Friday, Aug. 3, through Sunday, Aug. 5. During the three-day event, certain purchases will be exempt from the 5- percent state and local retail sales tax. Sales tax will not be charged on school supplies priced at $20 or less per item, or on articles of clothing, including footwear, costing $100 or less each.
The "holiday," approved by the 2006 General Assembly, will take place each year on the first Friday, Saturday, Sunday period in August.
Earlier this year, the legislature approved two additional sales tax holidays.
A four-day tax holiday is set for October that exempts certain energy efficient appliances. Another weeklong tax holiday will begin in May 2008 for purchasing equipment to prepare for hurricanes.
While there is no way to determine exactly how much taxpayers saved last year during the state's first sales tax holiday, savings were expected to be about $3.6 million. That jumps to an estimated $3.8 million for the 2007 back-to-school holiday.
The rules governing the 2007 August tax holiday are the same as last year. Information on the three tax holidays is available on the Virginia Department of Taxation's Web site at www.tax.virginia.gov. This includes policy guidelines for the tax holiday, a list of frequently asked questions, an all-inclusive list of eligible school supplies, a representative list of eligible clothing, and a PowerPoint presentation.
"The state's first tax holiday was very popular last year as parents, students and others saved money on back-to-school purchases," said tax commissioner Janie Bowen. "We certainly expect this year's holiday to draw a lot of attention, too. It's perfect timing to get ready for the new school year, and will be especially helpful to families with more than one child."
All shoppers will avoid the sales tax when buying exempt items in Virginia during the tax holiday. There is no requirement the purchases be made for a student or for school purposes.
In addition to the exempt items, retailers may also choose to pay the sales tax themselves on any non-exempt items they sell from Aug. 3-5 and pass the 5 percent savings onto customers.
| 
