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Created under House Bill 532 and Senate Bill 571 Effective for 2006 and subsequent years

August Sales Tax Holiday. Overview:. Created under House Bill 532 and Senate Bill 571 Effective for 2006 and subsequent years. Virginia’s sales tax holiday for school supplies and clothing offered approximate savings of $3.6 million to consumers in 2006.

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Created under House Bill 532 and Senate Bill 571 Effective for 2006 and subsequent years

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  1. August Sales Tax Holiday Overview: • Created under House Bill 532 and Senate Bill 571 • Effective for 2006 and subsequent years

  2. Virginia’s sales tax holiday for school supplies and clothing offered approximate savings of $3.6 million to consumers in 2006. Estimated savings to consumers in 2007 will be $3.8 million. August Sales Tax Holiday Impact:

  3. A three-day exemption from Virginia sales and use tax on purchases of certain school supplies and articles of clothing List of exempt items is provided in Guidelines Annual event, first Friday-Saturday-Sunday period of August What Is the August Sales Tax Holiday ? August Sales Tax Holiday

  4. Begins at 12:01 a.m., Friday, August 3 Ends at midnight, Sunday, August 5 2007 August Sales Tax Holiday: August Sales Tax Holiday

  5. School supply items priced at $20 or less Articles of clothing priced at $100 or less Detailed definitions and lists of exempt items contained in Guidelines on website www.tax.virginia.gov What’s Exempt? August Sales Tax Holiday

  6. Items commonly used by a student in a course of study Priced at $20 or less per item What Are School Supplies? August Sales Tax Holiday

  7. Notebook paper and writing tablets Pencils and pens Calculators All-inclusive list appears in Guidelines on website www.tax.virginia.gov Examples of Exempt School Supplies: August Sales Tax Holiday

  8. Wearing apparel and footwear appropriate for everyday wear Priced at $100 or less per item or pair Detailed list appears in Guidelines on website www.tax.virginia.gov How Is ‘Clothing’ Defined? August Sales Tax Holiday

  9. Dealers can elect to absorb the tax on any non-exempt item during the holiday period (August 3-5, 2007) Dealer must pay the tax on these items Absorption of Tax: August Sales Tax Holiday

  10. Absorption of tax can be advertised Beginning two weeks before the holiday begins Tax can be absorbed only during the sales tax holiday Absorption of Tax: August Sales Tax Holiday

  11. Dealers who sell exempt items (school supplies and/or clothing) MUST participate in the sales tax holiday. There is no requirement to absorb tax on any item that is not exempt. Absorption of Tax Is Voluntary! August Sales Tax Holiday

  12. Dealers will have to keep records of: exempt sales sales on which tax is absorbed Instructions are provided in Guidelines on website www.tax.virginia.gov Reporting and Record Keeping August Sales Tax Holiday

  13. www.tax.virginia.gov Coming Soon: Sales Tax Holiday information for Energy Star Appliances (October 2007) Sales Tax Holiday information for Hurricane Preparedness Equipment (May 2008) Watch our Web Site for Updates! August Sales Tax Holiday

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