Tax-Free Shopping for Back-to-School
Aug 05, 2013 01:45PM
● By Mike
According to the U.S. Census Bureau, back-to-school shoppers spent an estimated $7.7 billion at family clothing stores like Gap and Banana Republic in 2011. Factoring in an estimated $2.4 billion spent at bookstores, the total makes August the second-largest shopping season of the year behind the Christmas holidays.
In an effort to stimulate the economy, Texas is among a group of 17 states including Connecticut, Florida, Virginia and Oklahoma that incorporate a tax-free weekend for back-to-school shopping. Legislators have brought the weekend a little earlier this year, allowing area retailers and anxious shoppers to mark the weekend of Friday, Aug. 9 through Sunday, Aug. 11 on their calendars. Southlake Town Square is already preparing for an increase in shoppers.
“We expect our normal foot traffic to double during the course of the tax-free weekend,” says Karla Chase, marketing director for Southlake Town Square.
The three-day tax holiday gives Texas shoppers a break as they shop for school supplies and clothing for the new school year. As in years past, the law exempts most clothing, footwear, school supplies and backpacks priced under $100 from sales and use taxes, adding an additional eight percent savings onto already advertised sale prices.
For those not wanting to brave the heat or the crowds, it’s good to know that all sales of qualifying items made during the holiday period, including those sold online, will also be tax-free.