Metropolis Reality Forums - Missouri "Sales Tax Holiday Weekend"

Sponsored by: The Fans!

Welcome, Guest. Please Login or Register.
Nov 25^th, 2024, 2:13am

Upcoming Premiere Dates:
Survivor 23, Season premiere
Thursday, September 14 (8:00-9:30 PM, ET/PT) on CBS

Metropolis Reality Forums Ť Missouri "Sales Tax Holiday Weekend" ť

   Metropolis Reality Forums
   Off-Topic Forums
   In the News (Moderators: lakelady, yesteach, MediaScribe, Bumper, Isle_be_back)
   Missouri "Sales Tax Holiday Weekend"

Previous topic | New Topic | Next topic »

Pages: 1

Add Poll

Notify of replies

Send Topic

Author

Topic: Missouri "Sales Tax Holiday Weekend" (Read 152 times)

Rhune
ForumsNet Administrator

Gender:

Posts: 292

Missouri "Sales Tax Holiday Weekend"
« on: Aug 3^rd, 2005, 7:49pm »

Quote

Modify

By KELLY WIESE
Associated Press Writer

JEFFERSON CITY, Mo. (AP) -- Missouri shoppers this weekend will again have the chance to save a little money on their back-to-school purchases.

Last year was the first year for the sales tax holiday, and lawmakers passed legislation this year making it an annual event. The holiday exempts the state sales tax of 4.225 percent on back-to-school items, including clothes, computers and supplies such as pencils and notebooks. The tax-free period runs Friday through Sunday.

"We do need to do everything we can to make it easier for their families to send those kids back to school," Gov. Matt Blunt said Wednesday.

Local governments that chose to exempt local sales taxes last year also must participate this year. Those that opted out of the local tax break don't have to. Last year, more than half of Missouri's counties and nearly one-third of its taxing cities decided not to provide a local tax break on top of the state's.

Starting next year, cities and counties must vote to opt out of the sales tax holiday. They could do so with one vote, rather than passing an ordinance each year.

The effect of last year's holiday weekend is hard to gauge. The state Department of Revenue said retailers don't report sales data in a way that allows it to determine what the cost, or gain, was from the holiday.

But others have tried to measure the effect.

Judith Stallman, a University of Missouri-Columbia professor, studied the sales tax holiday for the Missouri Municipal League and the Association of Counties. Her research estimated that state and local governments lost about $18.5 million combined in sales tax revenue during last year's holiday weekend.

Some local officials have argued the tax break would hurt local governments that rely on sales tax revenue to pay for vital services.

The Missouri Chamber of Commerce and Industry, on the other hand, did its own analysis and determined that local sales tax revenues for the quarter including the holiday weekend rose, with cities that participated in the holiday seeing more of an increase than those that didn't.

The tax break applies to clothing costing $100 or less; up to $50 worth of school supplies; computers costing up to $3,500; and computer software costing $350 or less.

Blunt said he believes the holiday generates economic activity but its main purpose is giving families a break.

"Even if it's a net loss, this is good for families in our state," he said. "I don't need a study to convince me that it's a good idea."

Stores are gearing up for the event, but the ad blitz may not be as big as in future years, said Dave Overfelt, president of the Missouri Retailers Association. The problem, he said, was stores couldn't start designing ads until after the bill was signed on July 6, cutting it close for a weekend just a month later.

Overfelt said retailers last year saw increased traffic thanks to the holiday, especially in areas where local governments also took part, helping boost otherwise sluggish August sales.

In all, 10 states are offering sales tax holidays this year, according to the Federation of Tax Administrators. The only one bordering Missouri is Iowa, which is holding its own this weekend.

Stallman said her research also found that in general, overall economic conditions play a bigger role in retail sales than a tax holiday. She said a small study in Florida found consumers receive only about 80 percent of the value of the tax break because retailers sometimes don't offer as good of deals at that time.

Meanwhile, Jeff Craver, the chamber's director of fiscal affairs, said his group's quarterly study indicated sales tax revenues for that period for cities that participated rose 3.1 percent, while those that opted out saw growth of 2.2 percent. Craver said that shows the holiday draws people to stores, where they also buy items subject to sales tax.

Copyright 2005 by The Associated Press. All Rights Reserved.

IP Logged

Pocket
ForumsNet Member

Posts: 1437

Re: Missouri "Sales Tax Holiday Weekend"
« Reply #1 on: Aug 3^rd, 2005, 8:19pm »

Quote

Modify

Several other states have tax holidays, including NC, SC, IA and Texas. Several others are considering it. Every little bit helps.

IP Logged

shamon
ForumsNet Member

Gender:

Posts: 1105

Re: Missouri "Sales Tax Holiday Weekend"
« Reply #2 on: Aug 4^th, 2005, 11:52am »

Quote

Modify

tennessee is..... either this year of next....

IP Logged

When others demand that we become the people they want us to be, they force us to destroy the person we really are. It's a subtle kind of murder. The

navywife65
ForumsNet Member

I love YaBB 1G - SP1!

Gender:

Posts: 47

Re: Missouri "Sales Tax Holiday Weekend"
« Reply #3 on: Aug 4^th, 2005, 12:14pm »

Quote

Modify

I already did my shopping but I wish Virginia would have had something like this. Just on school supplies I spent $90 and that was just what was on the list the teachers sent home. Also everything was on sale. I saved up money for their clothes but I didn't end up saving enough, I knew I wouldn't. I absolutely hate school shopping. Every year I say I'm not doing this again that it's my hubby's turn and every year I end up doing it myself.

IP Logged

AoM
ForumsNet Member

Posts: 2277

Re: Missouri "Sales Tax Holiday Weekend"
« Reply #4 on: Aug 4^th, 2005, 2:30pm »

Quote

Modify

Maryland should have one, our gov got us back in the black

We love our gov!!!

IP Logged

luci
ForumsNet Member

Gender:

Posts: 12045

Re: Missouri "Sales Tax Holiday Weekend"
« Reply #5 on: Aug 4^th, 2005, 3:11pm »

Quote

Modify

Texas has been doing this for several years now. Wink

It's good for those with enough patience to wait
for this weekend!
I know some Mothers who do not! Undecided

It's been several years since I bought schoold supplies,
but I shudder at what my Daughter has to spend for her
three children. An outrage!

And the Teachers, most schools do not help pay
for their room supplies or to decorate it before school.
Much expense comes out of their own pocket.
Most folks don't realize this expense they have!

IP Logged

"A friend is someone who knows the song in your heart and
can sing it back to you when you have forgotten the words."

Rhune
ForumsNet Administrator

Gender:

Posts: 292

Re: Missouri "Sales Tax Holiday Weekend"
« Reply #6 on: Aug 4^th, 2005, 3:23pm »

Quote

Modify

Nod, and after all the school supplies, we will still have to pay a $70 "book rental fee" per child at the start of the year. Sad

IP Logged

luci
ForumsNet Member

Gender:

Posts: 12045

Re: Missouri "Sales Tax Holiday Weekend"
« Reply #7 on: Aug 4^th, 2005, 3:30pm »

Quote

Modify

Are you serious? What happened to pay a late fee
if the book isn't returned in an appropriate time?

IP Logged

"A friend is someone who knows the song in your heart and
can sing it back to you when you have forgotten the words."

Pages: 1

Add Poll

Notify of replies

Send Topic


Previous topic \| New Topic \| Next topic »