Image Credit: tn.gov
The Tennessee Conservative [By Jason Vaughn] –
Tennesseans look forward to the traditional annual back-to-school tax free holiday, and this year brings several opportunities for residents to save a little extra money.
July 29-31 marks the sales tax holiday on back-to-school items, including supplies, clothing, and computers. Items sold online will be eligible as well.
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Tax Exempt Back-To-School Items
• Clothing that costs $100 or less per item – Includes shirts, pants, socks, shoes, dresses, etc. This does not include accessories such as jewelry, purses, or recreational equipment
• School supplies that cost $100 or less per item – Includes backpacks, binders, crayons, pencils, etc. This also includes art supplies such as clay, paints, drawing supplies, etc.
• Personal computers or laptops priced at $1,500 or less – Does not include printers or supplies, software, or storage devices
During the entire month of August, Tennesseans will be able to purchase most foods with no sales tax. The state defines food and food ingredients as “liquid, concentrated, solid, frozen, dried, or dehydrated substances that are sold to be ingested or chewed by humans and are consumed for their taste or nutritional value.” Sales tax on food items is 4%, so this savings will allow families to hold on to more money and potentially purchase more food for the month.
Not included as tax exempt are alcoholic beverages, candy, dietary supplements, tobacco, or prepared foods. Foods purchased from a micro market or a vending machine will still be subject to state sales tax.
Already in progress now through June 30, 2023, is a tax holiday on gun-related safety equipment. This includes gun safes, combination or padlock gun locks, and other safety mechanisms. No firearms are included in the tax exemption.
In a press release from the state, Governor Lee said, “During this time of record inflation and high prices, we’re proud to be able to put money back in the pockets of Tennesseans. I encourage everyone to take advantage of these opportunities.”
Because many of the tax breaks approved by the General Assembly are done so on a year-by-year basis, they will have to reapprove them again next year. This will allow the Legislature to act one year at a time, giving them a chance to see just how the state’s economy is affected by the current inflation.
