Friday, August 6, 2010

Wahoo! It's a Sales Tax Holiday!

Starting today and running through August 15th, the State of Illinois is running a Sales Tax Holiday on specific back-to-school items. Granted, it's not a full holiday on sales tax because it only applies to 5% that the State of Illinois collects (and not the other county and municipal portions of the sales tax), but 5% is 5% and every little bit helps make a difference in these economic times.

ABC7 ran a great story about it and provided the list of what's included in the Sales Tax Holiday.

Back-to-school tax holiday in effect
by Evelyn Holmes, August 6, 2010

Starting Friday morning, back-to-school shoppers can save money as the state rolls back its portion of the sales tax to help parents.

The 5-percent tax break takes effect at stores, such as Sears, that sell back-to-school supplies. It is one more back-to-school event that parents are more excited about than their kids.

Eligible items include binders, glue, pencils, notebook paper, supply boxes, writing tablets and much more. Shoppers will not get the discounts on sports equipment, art supplies, computers, computer supplies or electronics.

The 5% rollback of the state's portion of the sales tax also applies to clothing as long as each item costs less than $100.

More details on what qualifies and what doesn't:

Qualifying: Most clothing items under $100, including jeans and pants, shirts, dresses, jackets and coats, belts, etc. Bathing suits. Rain coats. School backpacks, book bags and lunch boxes. Most shoes, sandals and boots under $100, including sneakers. Many school supplies, including binders, notebook paper, pens, crayons, rulers, etc.

Not Qualifying: Umbrellas. Hair bows and barrettes; jewelry and watches; non-prescription sunglasses. Handbags, wallets and briefcases. Spiked athletic shoes. Computers and computer accessories and cell phones.

(Copyright ©2010 WLS-TV/DT. All Rights Reserved.)

For more information on the Sales Tax Holiday, read the Illinois Department of Revenue Informational Bulletin regarding the Sales Tax Holiday. It's a little technical, but gives all the specifics.

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