In an effort to spur retail sales, many states offer sales-tax holidays each summer — periods of time where sales tax is temporarily suspended on certain products. This year the slumping economy has some states enhancing their efforts by extending the holiday dates and broadening the list of eligible products. Smart Money lists each state sponsoring a sales-tax holiday as well as the applicable dates and details of each offer. It also suggests a few helpful hints for making the most of a sales-tax holiday as follows:
- See if the holiday applies to local taxes, too. Check with your state tax commission to see what your town offers before you hit the local mall.
- Check for exemptions. Find out which items the tax holiday excludes before putting together a shopping list. Review your receipt to ensure that you don’t get charged.
- Shop online when your state is having a sales-tax holiday. Any retailer that charges sales tax for purchases shipped to your state must waive it, as long as the order is processed within the holiday time period.
Too bad this idea isn’t more widespread. Seems like it would be a winner with cash-crunched shoppers looking to save money however they can.
Some States Extend Sales-Tax Holidays This Summer [Smart Money]