Sales Tax Holiday 2017

On August 4-6, 2017, the weekend is a sales tax holiday in 16 individual states, including Florida. In 2010, it was 19 states. While you might have your toes in the water, enjoying summer vacation a little longer, this tax holiday comes in preparation for going back to school.   Items that are qualified will not have any sales tax applied.  This list includes school supplies selling for $15 or less per item, clothing, and shoes selling for $60 or less per item, computers, and personal accessories for $750 or less per item.  Each item has to be less than the total amount stated here- it does not exclude that amount if the total is higher.  For example, if you purchase a computer for $751, you will pay sales tax on that entire purchase because you exceeded the per item exemption amount- by $1.

The truth is sales tax holidays don’t stimulate the economy or drastically boost consumer purchases;  a 2017 study by Federal Reserve researchers proves that the sales tax holiday only shifts the time of the purchase, nothing else.

Pro tip– I hate going to the stores this weekend.  The good news is that many large stores, such as Walmart and Amazon, will let you purchase online this weekend and still benefit from the sales tax holiday.  Shopping online will also help you find the best price for what you need.

Happy saving!