Back-to-School Tax Break Expelled
Press release from the issuing company
Tuesday, July 13th, 2010
Schoolchildren grew taller, their feet got bigger and their backpacks fell apart since the last bell rang.
But here's a sober reminder to back-to-school shoppers waiting for the tax-free holiday to replace the old with the new. You won't get that relief this year. State legislators did not renew the popular tax break weekend, citing a $2 billion budget deficit.
Since 2002, the sales-tax free weekend aimed to help consumers -- and especially parents -- save on apparel, footwear, school supplies and computers. While it generated a frenetic buzz for shoppers and retailers alike, it cost the state $12 million in revenue. A similar break usually held in October for energy efficient appliances and other items resulted in a $500,000 loss of tax revenue.
