Thursday, July 19, 2007

Sales Tax Holiday Aug 3 - 5

SALES TAX HOLIDAY!

If you need to purchase school supplies and clothing for the fall plan on doing your shopping 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.

All shoppers will avoid the sales tax when buying exempt items in Virginia during the tax holiday. There is no requirement that 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 on to customers.

During the first sales tax holiday last year, taxpayers saved an estimated $ 3.6 million.

Information on the three tax holidays is available on the Virginia Department of Taxation's Web site at www.tax.virginia.gov. This includes a list of frequently asked questions, an all-inclusive list of eligible school supplies, and a representative list of eligible clothing.

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