I just ran across an article entitled, “Back-to-school tax holiday this weekend in VA” While reading the PilotOnline.com and I was reminded of the fact that this weekend is the third annual Virginia back-to-school tax holiday.
Starting this Friday, August 1, those who are shopping for back-to-school supplies will receive an exemption from the 5% state sales tax. Shoppers will save 5% on school supplies priced up to $20 per item as well as clothing and shoes priced up to $100. Supplies such as crayons, paper, notebooks and pens are included, as are items such as aprons, diapers and bathing suits. However, other accessories including briefcases and cosmetics will not be exempt.
According to surveys by the national Retail Federation, the average consumer is expected to spend approximately $594.24 on back-to-school shopping this year and the Virginia Department of taxation, estimates shoppers will save up to $4 million this year thanks to this tax holiday. Last year, the total spent by the average consumer was $563.24.
This tax holiday comes at a time when many Virginians are paying higher gas and food prices, so it should be a welcomed savings for many parents.
In addition to tax-free school supplies, Richmond-area Wal-Mart stores also plan to offer tax-free purchases on electronics such as computers and televisions. Besides Wal-Mart, about 12 retailers will be paying for the taxes on other non back-to-school items in hopes of motivating consumers.
If you have school-aged children, this weekend is a good time to get out there and save some money on those necessary back-to-school supplies.