Florida consumers will be looking to save some money, while the state’s 270,000 retail stores will be looking to make a windfall from this weekend’s back-to-school sales tax holiday.
The tax holiday is expected to save Floridians $33 million on clothes and supplies for the new school year. It was part of a $180 million dollar tax cut package passed by the Legislature earlier this year and signed into law by Gov. Rick Scott.
“I encourage all students, families and educators to take advantage of this great opportunity to purchase tax-free school supplies and other items to prepare for another successful school year,” Scott said in a statement released Thursday.
The tax holiday runs from now through 11:59 p..m. Sunday, Aug. 6:
There are three categories of “back-to-school” items that are covered by the exemption.
- Clothing items, footwear or certain accessories worth $60 or less per item will be exempt from the sales tax.
- School supplies costing $15 or less will also be tax-free.
- Computers and computer-related accessories selling for $750 or less and intended for personal use will also be tax exempt.
If you don’t wish to subject yourself to the anticipated crowds at stores this weekend, you can still take advantage of the sales tax holiday by shopping online. Eligible items purchased via the Internet for immediate shipment will also qualify for the exemption.
While the state is estimating the tax holiday will save Florida shoppers $33 million, the Florida Retail Federation (FRF) says the savings could range between $30-40 million. FRF calls it “Florida’s s 2nd busiest holiday” of the year.
“We are looking forward to another successful Back-to-School Sales Tax Holiday,” said FRF President and CEO R. Scott Shalley. “Each year, shoppers show up in record numbers and provide a tremendous economic boost overall to retailers’ sales numbers while they are able to afford more of the supplies they need.”
The National Retail Federation is estimating a 10 percent increase this year in the amount of money people will spend nationally on back-to-school clothes and supplies. The average family is expected to spend $687.72 on apparel and accessories.
For more information and a list of qualifying items, please visit the Florida Department of Revenue’s 2017 Back-to-School Sales Tax Holiday webpage.