It's a great time to save money on school supplies and back-to-school clothes.
This year's sales tax holiday, from 12:01 am, Friday, August 3 to midnight, Sunday, August 5, will offer shoppers a tax-free opportunity to purchase school supplies. In April, Gov. Scott Walker used a partial veto to extend the period to five days.
The report references studies that show tax holidays don't significantly boost yearly retail sales. Computers must be purchased for personal use and must cost $750 or less.
"Sales tax holidays do not promote economic growth or significantly increase consumer purchases", the Tax Foundation said in a report.
An important distinction is that sports and recreational equipment is not considered clothing, and is not tax exempt during this weekend. The Legislature had approved temporary sales tax holidays for the past three years.
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Qualifying items in Oklahoma include clothing and shoes under $100.
Whether you're paying the bills or know someone who is, there's no denying back-to-school shopping is expensive.
State officials estimate the sales tax holiday will reduce state revenue by up to $16.9 million in 2020.
Looking to save a few dollars on back-to-school supplies, clothing or items to get you through the next hurricane? "So, you can definitely save more this weekend".
Although the local sales tax in these areas will be applied, the state sales tax will still be exempt over the weekend.
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