Parents who are afraid of returning to the school season soon after a difficult business year can take advantage of a nationwide tax break from Saturday.
The Florida Department of Revenue Back-to-School Sales Tax Holiday runs July 31 through August 9. During the period, certain clothing, shoes, and accessories sell for a maximum of $ 60 per item, certain school supplies for $ 15 or less per item, and the first $ 1,000 of the retail price of personal computers and related accessories intended for home or home use Purchased for personal use are exempt from sales tax.
The holiday is part of a tax cut package that went into effect last May by Governor Ron DeSantis. That year, Floridians were able to get tax breaks for “Disaster Preparation” Items for hurricane season and outdoor recreational items during “Freedom Week”
“In Florida, we provide more than $ 168 million in tax savings for families and businesses.” DeSantis said in a statement. “I’m proud to have legislators like Senate President Wilton Simpson, Speaker Chris Sprowls, Senator Ana Maria Rodriguez, and Rep. Bobby Payne who understand that we empower Florida by cutting taxes, not increasing taxes. From sales tax vacations to permanent tax exemptions that help seniors live independently, I am committed to further reducing the tax burden for all residents of our state. “
The VAT exemption does not apply to:
• Any item of clothing sold for more than $ 60
• All school supplies sold for more than $ 15
• Books not otherwise exempted
• Computers and computer-related accessories purchased for commercial purposes
• Renting or leasing authorized items
• Repairs or changes to eligible items
• Selling Eligible Items in a theme park, entertainment complex, public accommodation facility, or airport
While parents can fill their shopping carts with new clothes, notebooks, pens, pencils, backpacks, and other essentials for school, officials from the National Federation of Independent Business are asking shoppers to support small businesses after a difficult 2020.
“The business may be stronger than it was a year ago, but it is still not as strong as it was before the pandemic.” said Bill Herrle, executive director of NFIB Florida, in a statement. “The disruption to the Florida’s economy has affected all types of businesses, but it has been a particular challenge for small businesses. We need to support the small businesses that are doing so much to support Florida’s economy. “
According to the US Small Business Administration, small businesses make up 99.8% of all Florida employers and employ 41.7% of the state’s workforce. A study by American Express found that 67 cents of every dollar spent in a small business stays local, with an additional 50 cents going to local business activities.
“By making small purchases during this year’s tax vacation, we can help local businesses get back on their feet.” Herrle adds.
For more information on tax-exempt items and their requirements, please visit www.floridarevenue.com/backtoschool.
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