THANKS to a major policy switch-up in a key state, parents can score school supplies as well as apparel and electronics for back-to-school season at a discount.
They will be able to stack up the savings thanks to the upcoming sales tax holiday, now a month-long event.
Parents can save money on back-to-school shopping thanks to a new bill[/caption]
The back-to-school shopping season typically begins in late July and runs through August, with parents racing to pick up school supplies, clothing, shoes, electronics, and more for their kiddos.
Americans spent a whopping $125.4 billion for back-to-school and back-to-college shopping last year, with the average household budgeting $874.68, according to Capital One Shopping.
The greatest portion of expenses is generally spent on electronics, followed by clothing for K-12 students.
In order to help families save money during back-to-school shopping, many states offer shopping tax holidays in late July and early August, where consumers can buy certain items without paying sales tax.
This year, 17 states are hosting a tax-free event, according to CNET.
One such state is Florida, with the Sunshine State’s back-to-school sales tax holiday now lasting an entire month, from August 1 to August 31.
“This is always a very popular holiday for retailers,” Lorena Holley, general counsel and vice president of the Florida Retail Federation, told CBS News.
“They run additional promotions and always expect large crowds.”
Parents can score extra savings during the tax holiday, which applies to various items like clothing, school supplies, computers and computer accessories, and learning aids.
This year marks a shift as the holiday is no longer a temporary event.
Governor Ron DeSantis signed a bill on June 30 to make the back-to-school sales tax holiday an annual occurrence, part of a broader tax package passed by the Legislature.
STACKING UP THE SAVINGS
Florida’s first back-to-school sales tax holiday was established in 1998, with the state hosting the holiday annually since 2010.
The Sunshine State’s sales tax holiday used to be of varying lengths, lasting from a single weekend to roughly two weeks.
Thanks to DeSantis’ bill, the holiday is now permanent and will cover the entire month of August every year.
Back-to-school deals
- Skechers Girl’s Uno Gen1 Sneaker from Amazon,
$62$33.86 – buy here - Basic Student Planner from Dollar Tree, $1.25 – buy here
- Toddler Girls Graphic Tee with Short Sleeves from Walmart, $3.98 – buy here
- Boys Short Sleeve Pique Polo Shirt from Walmart, $10 – buy here
- Dealworthy 23L Backpack from Target, $5 – buy here
- Crayons 48-count from Dollar Tree, $1.25 – buy here
- Lenovo 15.6″ Laptop Computer from Amazon,
$1,499$499 – buy here
During the extended tax break, Floridians will not have to pay sales tax on clothing, footwear, and accessories with a sales price of $100 or less per item, per the state’s Department of Revenue.
Certain school supplies costing $50 or less per item are also not subject to sales tax, as well as learning aids and jigsaw puzzles that are $30 or less.
Additionally, personal computers and certain computer-related accessories priced at $1,500 or less, when bought for noncommercial home or personal use, will be exempt from sales tax.
The holiday is expected to save consumers roughly $217 million each year, with many shoppers bracing for the August holiday to do most of their back-to-school shopping.
However, not everyone is in favor of Florida’s now-permanent sales tax holiday.
The discount periods have minimal benefit for working families, according to the Institute on Taxation and Economic Policy, a non-partisan research organization based in Washington DC.
“Wealthier taxpayers are often best positioned to benefit from a temporary exemption since they have more flexibility to shift the timing of their purchases to take advantage of the tax break – an option that isn’t available to families living paycheck to paycheck,” said Miles Trinidad, a state analyst for the organization.
As Florida prepares for its sales tax holiday, shoppers can save even more money.
For example, Walmart took another swipe at Dollar Tree with a cheaper offering starting at 45 cents – and shoppers are “stocking up.”
Plus, TJ Maxx has kicked off its Yellow Tag sale with deals up to 75% off.
Florida Governor Ron DeSantis signed a bill making the state’s back-to-school sales tax holiday permanent[/caption]
