Did you know? The 2022 Florida Back-to-School Sales Tax Holiday runs from Monday, July 25th through Sunday, August 7th. With record high inflation and the country in a recession, any savings are welcomed savings these days. Below, we will highlight some qualifying items as well as some restrictions to the program. For a more detailed list from the Florida Department of Revenue, click here.
Qualifying tax-free items
- Clothing, footwear, and certain accessories with a sales price of $100 or less per item*
- Certain school supplies with a sales price of $50 or less per item
- Learning aids and jigsaw puzzles with a sales price of $30 or less*
- Personal computers and certain computer-related accessories with a sales price of $1,500 or less, when purchased for noncommercial home or personal use
Learning aids such as jigsaw puzzles, flashcards, matching games, and toys that teach reading or math skills are new this year. In addition, it is important to remember that the retail sale of children’s diapers, baby & toddler clothing, apparel, and footwear, regardless of the sales price, is exempt during the period July 1, 2022, through June 30, 2023. Also, children’s books (for ages 12 and younger) are currently exempt from sales tax until August 14, 2022.
Non-qualifying items
- Any item of clothing with a sales price of more than $100
- Any school supply item with a sales price of more than $50
- Books that are not otherwise exempt*
- Computers and computer-related accessories with a sales price of more than $1,500
- Computers and computer-related accessories purchased for commercial purposes
- Rentals of any eligible items
- Repairs or alterations of any eligible items
- Sales of any eligible items within a theme park, entertainment complex, public lodging establishment or airport
Summary
The National Retail Federation estimates that families nationwide will spend about $864 on back-to-school shopping this year per household. This is the highest estimate in the past five years and is directly due to record-high inflation. Although higher prices are inevitable in the current economy, Floridians can take advantage of these tax savings to help ease the financial pain slightly.
Floridians with the goal of home ownership should take advantage of any opportunity to save money right now. With mortgage rates steadily climbing to combat inflation, savings for a down payment on a home purchase will become even more critical. Do you have questions about the South Florida real estate market? Contact Natasha at Live South Florida Realty, Inc. today! In addition, be sure to download the free Florida Home Search App for your mobile device.
