Parents whose wallets are looking a little thinner these days can take heart -- Virginia's back-to-school sales tax holiday is here again!
During the Commonwealth's third annual "holiday," which will take place Friday, Aug. 1, through Sunday, Aug. 3, taxpayers can purchase certain items tax-free. Items exempt from the 5 percent state and local retail sales tax will include school supplies priced at $20 or less each, as well as clothing, including footwear, priced at $100 or less each. All Virginians can purchase these items tax-free -- purchases are not required to be for student use.
Virginia taxpayers are expected to save $4 million this year.
Back-to-school shoppers can go to the Virginia Department of Taxation's Web site at http://www.tax.virginia.gov for a complete list of exempt items, answers to frequently-asked questions, guidelines for the sales tax holiday, and additional information.
The August sales tax holiday was enacted unanimously by the 2006 General Assembly. Last year, the Legislature approved both the Energy Star Sales Tax Holiday, which took place for the first time in October 2007, and the Hurricane Preparedness Sales Tax Holiday, which took place in May.
"The timing of the back-to-school sales tax holiday could not be better for the citizens of the Commonwealth," said Tax Commissioner Janie Bowen. "With the economy the way it is, and the uncertainty people are feeling regarding their financial situations, everyone can really use a little extra money in their pockets."
During the sales tax holiday period from Aug. 1 to Aug. 3, should they wish to offer their customers additional savings, retailers are permitted to pay the sales tax themselves on any non-exempt item and pass the savings on to their customers.