Virginia Sales Tax Holiday Approaches
Small firms based in or near Virginia should take note of the commonwealth's back to school sales tax holiday just around the corner.
The Aug. 1-3 holiday allows shoppers to save 5 percent on purchases of school supplies that cost less than $20 or clothing and footwear priced at $100 or less. The exemption applies to each individual item, not their total value. While it's tax-free time for consumers, retailers are responsible for paying the tax on those items to the Taxation Department.
Additionally, from Oct. 10-13, purchases in Virginia of products meeting Energy Star qualifications like energy-efficient appliances, will be exempt from the commonwealth's sales tax. Eligible products must be priced at $2,500 or less apiece and be purchased for noncommercial home or personal use.
The commonwealth also holds a recurring sales-tax holiday each May for hurricane and emergency preparedness equipment, and that includes a range of items like bottled water and battery-operated can openers.
Many states offer tax-free holidays. You can find more information on each state's Web site.
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Posted by: John | July 24, 2008 10:35 AM
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