Sales tax holidays bring tax-free school shopping this weekend
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The biggest weekend of the year for tax-free shopping has arrived with 10 states holding sales tax holidays in early August.
Why it matters: It's a rare tax break for families preparing for a new school year with many grappling with higher-priced school supplies and clothing.
- Dates and the items exempt from tax vary by state, according to the Federation of Tax Administrators.
The big picture: Families with children in elementary through high school plan to spend $874.68 on average on back-to-school purchases, according to the National Retail Federation's annual survey of more than 7,500 consumers.
- This is down from last year's record of $890.07 but is the second-highest amount in the survey's history.
- Total back-to-school spending is expected to reach $38.8 billion, down from last year's record of $41.5 billion.
Zoom in: Half of parents will sacrifice necessities to pay for back-to-school expenses, according to an Intuit Credit Karma survey of 1,002 consumers.
- 31% said they are unable to afford back-to-school shopping for their kids this year.
- 59% of parents say that because of "the high cost of living, they will spend more money on back-to-school shopping this year compared to previous years."
Between the lines: A survey of 2,000 parents with children aged 6-12, conducted by Talker Research on behalf of Keebler, found that 62% of parents are allowing their child to choose their outfits.
- 62% of parents also said they are purchasing school supplies their child likes, according to the survey shared exclusively with Axios.
Sales tax holidays 2024 include online orders
Sales tax is waived for in-store purchases and online shopping during the holidays but exclusions apply.
Arkansas tax-free weekend
Arkansas holds its annual sales tax holiday on the first weekend of August each year for two days — Saturday and Sunday.
Tax-free items:
- Clothing and shoes: Less than $100 per item.
- Clothing accessories or equipment: Less than $50 per item.
- School supplies and electronic devices used by students for study are also included, according to the state.
Florida sales tax holiday 2024
The Sunshine State's 14-day sales tax holiday began July 29 and continues through Aug. 11.
Tax-free items:
- Most school supplies: $50 or less.
- Clothing, footwear and accessories: $100 or less.
- Computers and accessories for personal use: $1,500 or less.
- Learning aids and jigsaw puzzles: $30 or less.
Iowa sales tax holiday weekend
The Hawkeye State's tax holiday is held annually on the first weekend in August and lasts two days, Friday and Saturday.
- No state or local option sales tax will be collected on clothing or footwear less than $100, according to the state.
Missouri tax-free weekend 2024
Missouri's annual three-day tax holiday runs Friday through Sunday, Aug. 4 with clothing, school supplies and personal computers exempt from state and local sales tax, per the state.
Tax-free items:
- Clothing: $100 or less.
- Personal computers: Up to $1,500.
- School supplies: Not to exceed $50 per purchase.
- Computer software: Up to $350.
- Graphing calculators: Up to $150.
New Mexico gross receipts tax holiday
New Mexico waives sales tax Friday through Sunday for its annual back-to-school Gross Receipts Tax holiday.
Tax-free items:
- Clothing and footwear: Less than $100.
- Computers: Price limit is $1,000.
- Computer hardware: Limit is $500.
- School supplies: Under $30.
Ohio tax holiday 2024
Ohio's annual sales tax holiday started Tuesday and continues through 11:59pm Thursday, August 8.
- The sales tax holiday includes "all tangible personal property that is $500 or less."
Yes, but: Exclusions include watercraft or outboard motors, motor vehicles, alcoholic beverages, tobacco, a vapor product and items that contains marijuana, the state says.
Oklahoma sales tax holiday 2024
Oklahoma's three-day sales tax holiday is held the first Friday through Sunday in August annually.
Tax-free items:
- Clothing and footwear: Less than $100.
South Carolina tax-free weekend
The annual sales tax holiday in South Carolina is Friday through Sunday and exempts eligible purchases from the 6% state tax and local taxes.
Tax-free items:
- Computers, printers, school supplies, clothing and accessories, shoes, and certain bed and bath items, regardless of price.
Virginia sales tax holiday 2024
Virginia's three-day sales tax holiday — Friday through Sunday — waives tax on school supplies, clothing, footwear, emergency preparedness items as well as select appliances.
Tax-free items:
- Clothing and footwear: $100 or less per item.
- School supplies: $20 or less.
- Hurricane and emergency preparedness products: portable generators up to $1,000; gas-powered chainsaws $350 or less; other specified hurricane preparedness items, $60 or less per item.
- Energy Star and WaterSense products: $2,500 or less per item.
West Virginia sales tax holiday 2024
West Virginia's sales tax holiday runs Friday through 11:59 p.m. on Monday, Aug. 5, per the state.
Tax-free items:
- Clothing: $125 or less.
- Laptop and tablet computers: $500 or less.
- School supplies: $50 or less.
- School instruction material: $20 or less.
- Sports equipment: $150 or less.
Upcoming sales tax holidays
What's next: More tax holidays are coming next weekend and beyond.
- Texas holds a four-day tax holiday, Aug. 9-11.
- Massachusetts has a two-day holiday Aug. 10-11 and Maryland has its tax week Aug. 11-17.
- Connecticut' sales tax week runs Aug. 18-24.
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