Retail Merchants president talks about tax-free weekend
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60-Seconds with ... Nancy Thomas
Nancy Thomas, president and CEO of the Retail Merchants Association, talks about the benefits of the tax-free holiday weekend.|
MORE ON THE TAX-FREE HOLIDAY • Sales-tax holiday on school supplies starts Friday • Back to school - See the impact of the back-to-school shopping season. TAX-FREE ITEMS A partial list of qualifying items for the sales-tax holiday: • Binders and blackboard chalk • Book bags and calculators • Pens, pencils, pencil boxes and sharpeners • Protractors, textbooks, workbooks and watercolors • Athletic supporters • Baby bibs and clothes • Bathing suits, swim trunks, cover-ups and bathing caps • Belts and suspenders, bibs and boots • Choir and altar clothing and clerical vestments • Coats, jackets and windbreakers • Corsets • Fur coats and stoles, shawls and wraps • Hats and caps • Shoes and shoe laces SOURCE: Virginia Department of Taxation HOW TO GET A BREAK Parents shopping for school supplies and clothes for their children will get a break starting Friday as the state waives the sales tax on dozens of items. The holiday runs through next Sunday. For three days, retailers will not charge the 5 percent sales tax on school supplies valued under $20 and clothes and shoes under $100. Tax holidays are popular with both shoppers and store owners -- the Virginia Department of Taxation estimates that consumers will save about $4 million during the three days. About 15 states have tax holidays. Virginia also has tax holidays for Energy Star products and hurricane preparedness. Shoppers purchasing non-school-related items could get a break as well. A provision in the law allows retailers to absorb the tax on all sales if they choose. Several local and national retailers have said they would absorb the tax during the weekend. For a more information on the tax holiday and a list of qualifying items, go to tax.virginia.gov. |
Metro Business asked Nancy Thomas, president and CEO of the Retail Merchants Association, about the benefits of the tax-free weekend that begins Friday:
"Retailers who have the most success with the tax-free holiday are those who combine the 5 percent tax savings with other promotional offers.
"All retailers have the opportunity to participate by absorbing the 5 percent sales tax on nonexempt items such as furniture, appliance, electronics and jewelry. Our retail merchant member have seen double-digit sales increase due to this event.
"In today's economy, it is essential for local business owners to take advantage of this tax-free holiday to drive traffic into their stores.
"For the consumer, saving money is key. And the savings benefit not only those who are purchasing back-to-school items but can save a lot of dollars on high-ticket items for personal use."
Watch the interview with Nancy Thomas on TimesDispatch.com. Keyword: Metro Business
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