Daily Bulletin: Tax-Free Time
If back-to-school shopping is on your to-do list, don’t miss the chance to take advantage of the Aug. 4-6 sales tax holiday.
The state legislature approved the measure earlier this year with the passage of Senate Bill 9. The so-called holiday exempts items of clothing and shoes priced at $75 or less and school supplies and instructional materials costing $20 or less from state and local sales tax. The exemption applies to purchases from brick-and-mortar stores and online retailers. There is no limit on the total purchase amount. Accessories, electronics and sports equipment are among the excluded items. (Click HERE for a list of what is and is not included.)
The state expects to lose $14.7 million in tax revenues from the three-day holiday, which is in its third year. A study by the University of Cincinnati’s Economics Center found that shoppers spent $34 million during last year’s tax-free weekend, saving about $2.4 million as a result. During the 2015 event, Ohio shoppers saved $3.3 million on $46.75 million worth of goods.