NEW JERSEY - Mark your calendars: New Jersey officials will offer residents a chance to save money on back-to-school items during this year's sales tax holiday, scheduled between Aug. 27 and Sept. 5.
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Sales tax holidays are intended to help families save money on school supplies, clothing, shoes, backpacks, and other items. According to the National Retail Federation, the holidays are especially important this year because more families are tightening their budgets due to inflation.
This year, 18 states will hold sales tax holidays, according to Bloomberg Tax, just one state shy of the record set in 2010.
Back-to-school shoppers in New Jersey will save money on all school essentials. According to the New Jersey Division of Taxation, here are some of the items that qualify for the reduced sales tax:
Though these items are available to anyone during the tax holiday, teachers will find plenty to stock up on, such as blackboard chalk, binders, index cards and notebooks.
The tax holiday is part of a budget agreement reached by Gov. Murphy, Assembly Speaker Craig Coughlin, and Senate President Nick Scutari. The exemption from paying the nearly 7% state sales tax on school supplies would last from Aug. 27 to Sept. 5, according to Murphy.
The proposal, according to Murphy, is "another monumental step forward in my Administration's commitment to make New Jersey a stronger, fairer, and more affordable state for our residents."
Total back-to-school spending in the United States is expected to match 2021's record high of $37 billion, according to the National Retail Federation. Families with children in elementary through high school plan to spend an average of $864 on school items, approximately $15 more than last year.
Back-to-school spending has risen dramatically since the pandemic's onset, as families adjust to changes brought about by virtual and hybrid learning. According to the National Retail Federation, back-to-school shoppers will spend $168 more on average this year than in 2019.
"A back-to-school tax holiday has been talked about for a long time, and as inflation is a central worry around many of our residents' kitchen tables, now is the time to do it. This program will cut the cost for the most essential items needed for educational success and help make New Jersey more affordable for our students and families," Murphy said.
The article New Jersey Sales Tax Holiday: When To Save On Back-To-School 2022 appeared first on Morristown Patch.