Parents will get a break and businesses will get a boost as a result of this weekend’s state sales tax holiday.
The holiday is slated to begin on Friday Aug. 7 at 12:01 p.m., and continue through the weekend until 11:59 p.m., on Aug. 9, according to the Tennessee Department of Revenue (TDR).
During the holiday, clothing and school supplies with a price of $100 or less per item, and computers with a price of $1,500 or less per item will be exempt from the state sales and use tax, according to the TDR. Local governments are held harmless and are reimbursed lost sales tax revenues by the state.
The Tennessee Sales Tax holiday began in 2006.
It saved Tennesseans around $15 million dollars and since then residents have saved an average of $8 to $10 in tax savings each holiday, according to the TDR.
“It does help in the fact that most of the parents do go out that day and buy the school supplies that their children need for the rest of the year,” said high school teacher Teresa Gross. She said she thought many parents were inspired to stock up on clothes and supplies that particular day because of the large amount of savings the tax holiday brings.
Campbell County parent Christy Comer specifically waits on tax day every year to buy supplies for her son.
“I’ve participated in the tax holiday since it began and it saves me a bundle,” Comer said.
“I stock up on everything and get all the clothes that I think he’ll need for the rest of the year. When you look at the receipt after shopping, you can really see the difference” Comer said.
This holiday will stimulate much needed sales to local businesses, while providing citizens sales tax relief,” said state senator Ken Yager.
“As a teenager growing up in a working class family, I worked all summer to buy clothes for the new school year. I know how hard it is for parents to meet these needs in recessionary times. I encourage all the citizens of the 12th district to take advantage of the 2009 sales tax holiday,” Yager said. He encourages consumers to shop at home to help the local economy.
For more information or a detailed list of exempted items, visit the sales tax holiday web site at http://tn.gov/revenue/salestaxholiday or call 1-800-342-1003.