Florida’s Tax-Free Weekend for 2021 Is Here and Its Longer Than Ever!
July 29, 2021
While kids may still be enjoying splashing about the pool and these long summer nights, it’s not too soon for parents to start thinking about saving money on school supplies.
Florida’s popular “Tax-Free Weekend” on school supplies is back, and it is longer than it has been in recent years -running a full ten days! According to HB 7061, signed into law by Governor Ron De Santis, the sales tax holiday begins Saturday, July 31, and runs through Monday, August 9.
The savings apply to items including school supplies $15 or less; clothing, footwear, and accessories $60 or less; and the taxes off the first $1,000 of the sales price of a computer and certain computer-related accessories purchased for personal use.
However, there are some notable exceptions: books that are not otherwise exempt; computers and computer-related accessories purchased for commercial purposes; rentals or leases of any eligible items; repairs or alterations of any eligible items; or sales of any eligible items in a theme park, entertainment complex, public lodging establishment, or airport.
What Purchases Apply to the Tax Holiday?
School supplies must have a sales price of $15 or less per item. Tax-exempt examples include pens, pencils, erasers, crayons, notebooks, notebook filler paper, legal pads, binders, lunch boxes, construction paper, markers, folders, poster board, composition books, poster paper, scissors, cellophane tape, glue, paste, rulers, computer disks, staplers and staples, protractors, compasses, and calculators.
Clothing, footwear, and accessories (wallets, bags, backpacks) must have a sales price of $60 or less per item. Excluded items include briefcases, suitcases, garment bags, watches, jewelry, umbrellas, handkerchiefs, skis, swim fins, rollerblades, and skates.
The exemption applies to the first $1,000 of the sales price of an eligible item when purchased for noncommercial home or personal use. “Personal computers” include electronic book readers, laptops, desktops, handheld devices, tablets, and tower computers. The term does not include cellular telephones, video game consoles, digital media receivers, or devices that are not primarily designed to process data.
You can find a complete list of the items that qualify and those that do not qualify for the tax exemption here.
Some Tips From AbitOs to Maximize Your Savings!
There are no limits to the items you can buy that are tax-free, so take advantage of coupons, sales, and especially “buy-one-get-one-free” offers to maximize your savings during the Tax-Free Holiday.
AbitOs specializes in the unique needs of high net-worth individuals with international lifestyles and accounting concerns. However, we believe that everyone should take advantage of any tax breaks available, even those on sales tax, such as during Florida’s Tax-Free Holidays. If you would like to benefit from our expertise in these areas or if you have further questions on this Alert, do not hesitate to contact us.