Inside Sales Tax Holidays

INSIDE SALES TAX HO LID A Y S A hotly contested topic, Up for debate though is whether sales actually increase enough to offset the lost sales tax revenue. sales tax holidays offer select periods of time Though adopted relatively recently, the history of sales tax holidays has been riddled with ups and downs, and starts and stops. where certain goods can be purchased tax-free. From school supplies to electronics, and energy-efficient appliances to hunting and hurricane-preparedness supplies, a number of states participate in tax holidays to encourage consumption and drive statewide retail sales. Here, we take a CLOSER LOOK at sales tax holidays as we embark on their most popular time of year. STATES 16STA are participating in sales tax holidays this year, primarily for back-to-school clothing, school supplies and electronics. THOSE STATES ARE: Alabama, Arkansas, Connecticut, Florida, Georgia, lowa, Louisiana, Maryland, Mississippi, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas and Virginia. Puerto Rico offers a sales tax holiday in July. 19 THE NUMBER OF STATES WHO OFFERED TAX HOLIDAYS IN 2010 THE MOST EVER. 1ST WEEKEND IN AUGUST AUGUST The date when the MAJORITY of those states hold their sales tax holidays. 100-300 THE AVERAGE RANGE OF TAX-FREE MAXIMUMS FOR CLOTHING & SCHOOL SUPPLIES. Unless you're in South Carolina, where you can get all the tax-free towels and bedding you want at no maximum. $1,500-4,000 The average range of tax-free maximums for COMPUTER EQUIPMENT & ELECTRONICS. Alle NH It re-occurred for a few years, stopped and then started again in 2010 through 2012. MAY In response, New Hampshire In an effort to stop shoppers from heading to New launched a campaign to tout its Hampshire for tax-free goodies, Massachusetts year-round sales tax holiday. adopted a generous tax holiday in 2005 for all Oops! GOODS UP TO $2,500. 1997 The first sales tax holiday as we know them was implemented in high-tax New York to discourage clothing shopping in neighboring states where CLOTHING IS TAX FREE EVERY DAY. 1980 However, Ohio and Michigan technically founded the idea of tax holidays in 1980 to BOOST AUTOMOBILE SALES. 4 States offered 2014 sales tax holidays for E hurricane preparation: ALABAMA, FLORIDA LOUISIANA & VIRGINIA This savings can be applied to emergency supplies, batteries, generators, flashlights and more. GOreen The first ENERGY-EFFICIENCY tax holiday for new Energy Star home appliances like dishwashers, fans, air conditioners, refrigerators and more was founded in Georgia in 2006. A handful of states also offer tax holidays for energy-efficient appliances, they include: FLORIDA, MARYLAND, MISSOURI, TEXAS & VIRGINIA 2nd Amendment South Carolina enacted a sales tax holiday for FIREARMS that lasted from 2008 through 2010. It ultimately ended due to lost revenue. In 2009, Louisiana joined the trend with the Annual Second Amendment Weekend Holiday-a sales tax holiday for firearms, ammunition and hunting supplies. Mississippi joined in 2014, with Missouri, Texas and Wyoming proposing similar bills in 2013. Alabama's proposed legislation ended up stalling in committee in 2014. Sources: www.taxadmin.org · taxfoundation.org • revenue.louisiana.gov SALES TAX http://billstatus.ls.state.ms.us/documents/2014/pdf/SB/2400-2499/SB2425IN.pdf INSTITUTE- http://www.sportsmenslink.org/policies/state/outdoor-sporting-goods-tax-holiday#sthash.vIZljslv.dpuf http://www.taxrates.com/blog/2014/01/17/2014-sales-tax-holidays/ salestaxinstitute.com