Virginia Tax-Free Shopping Weekend Returns in October

virginia-tax-free-shopping-weekend-returns-in-october

The recently enacted state budget plan has a provision that allows the sales tax holiday to be reinstated.

Many Virginians missed the tax-free shopping weekend this past August because lawmakers failed to include the tax holiday in the budget agreement from the previous year.

If Gov. Glen Youngkin approves the bill, customers will once again be able to enjoy tax exemptions on items like ENERGY STAR TM and WaterSense TM goods, apparel, footwear, and storm preparedness materials this October.

Do Any Limitations Exist?

The Virginia Department of Taxation has provided the pricing constraints for the products that qualify.

Shoes, clothing, and school supplies

eligible school supplies, priced at $20 or less each.

Clothing and shoes that qualify must cost $100 or less each.

Products for hurricane and emergency preparedness:

Generators for portable use: $1000 or less each

Chainsaws powered by gas: $350 or less per unit

Accessories for chainsaws: $60 or less per item

Other listed storm protection items costing $60 or less each

WaterSense TM and ENERGY STAR TM products:

Purchases of eligible goods for domestic or private use that are not for profit must be under $2,500.

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Virginia Legislature Extends Sales Tax Holiday for School Supplies and Other Essentials

virginia-tax-free-shopping-weekend-returns-in-october
The recently enacted state budget plan has a provision that allows the sales tax holiday to be reinstated.

Until July 1st, 2025, the tax exemption will continue to be in effect.

The proposal also allocates money to improve state jail oversight and address K-12 learning loss in addition to the sales tax holiday. The state budget agreement for 2023 is now on Youngkin’s desk for his final approval signature.

Energy Star or WaterSense products, including home appliances, school supplies, clothes and footwear, and some storm protection gear, are exempt from sales and use tax according to state law. 

According to the Virginia Department of Taxation, the commonwealth’s majority of localities have a sales tax rate of 5.3%. Some places also impose additional local or regional taxes.

Virginia makes up one of 18 states, including South Carolina and West Virginia, that provide a sales tax holiday, according to the Center for State Tax Policy at the conservative Tax Foundation.

Read Also: Annual COLA Adjustment: Protecting Social Security Benefits Amid Inflation

Source: Newsbreak

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