Tax Free Weekend
Time to shop! Tax free weekend is August 15-16 this year. It is a great time to buy that bigger ticket item that you have been putting off purchasing. Back to school shopping should be a little less costly with this tax break. If the kids need a new computer for college, Apple is urging people to wait until tax free weekend, since Apple products never go on sale. The 6.25% savings is substantial if you are spending a lot of money. The item must cost less than $2,500 to be included in the tax free benefit.
The tax free weekend has just been determined by lawmakers because many of them oppose the idea. The state of Massachusetts will loose $20-$25 million in tax revenue during this one weekend. But the surge in sales during a slow time of year far out weighs the taxes that will be lost. The goal is to promote buying within the state. It will benefit our economy.
So shoppers get your credit cards handy….ready, set, shop!