Florida’s popular Sales Tax Holiday starts August 4th!
Just in time for “back to school” savings, Florida will have a “Sales Tax Holiday” scheduled to start on Friday, August 4th, 2017, at 12:01 a.m. and will end Sunday, August 6th, 2017 at 11:59 p.m.
The Florida Sales Tax Holiday was created as part of a Bill signed into law by Governor Rick Scott back in April 2016. While legislators recently scaled back the length of the holiday, and reduced some of the applicable purchases, there are still significant tax savings to be had, particularly on school supplies.
What Purchases Apply to the Tax Holiday
Most significantly, computers are back on the list of tax-free items for 2017. Personal computers and certain accessories, selling for $750 or less per item, such as laptops and tablets; data storage, such as jump, flash and thumb drives; e-book readers; and printers and headphones when purchased for noncommercial home or personal use, all qualify this year for tax-free savings during the holiday period.
As in previous years, consumers can expect to save money on the purchase of “back to school” items such as clothing and supplies, specifically:
- Clothing – Garments and accessories are tax free up to $60 each.
- Shoes – Shoes will also be tax-free, for those costing up to $60 per pair.
- School Supplies – Sales tax will not be charged on items such as pens, pencils, erasers, rulers, and glue. The state set a price limit of $15 per item for this category, but left off items such as staplers and computer paper.
- Books – All books, besides the Bible, are still taxable during the Florida Sales Tax Holiday 2017.
Most, but not all stores will participate in the tax holiday.
Retailers are increasingly competitive in the back-to-school period, so be on the lookout for bargains that are unlikely to repeat themselves during the school year. The Sales Tax Holiday is one of those few “tax breaks,” that every taxpayer can, and should, take advantage of.
You can find a complete list of the items that qualify for the tax exemption here.
How to Maximize Your Savings
There are no limits to the items you can buy that are tax-free, so take advantage of coupons, sales, and especially “buy-one-get-one free” offers, to maximize your savings during the Tax Free Holiday.
Understanding and taking advantage of all available “tax breaks” can be complex. If you would like to benefit from our expertise in these areas, or if you have further questions on this Advisory, do not hesitate to contact our Tax and Accounting Specialists, or call us at 1-800-239-1474.
Contributing author: Mark Medina, Senior in the Tax and Accounting Department