Tax holiday in New Jersey? Not this year; state ends back-to-school shopping plan
Governor Murphy announces tax holiday for back-to-school season
New Jersey Governor Phil Murphy and the state’s Democratic politicians announce a back-to-school tax holiday.
Thomas P. Costello, NorthJersey.com
Wondering what New Jersey’s tax holiday looks like? If you were hoping for tax-free shopping this back-to-school season, you’re out of luck.
The state has ended its two-year-old program.
When is the tax-free start of school?
There will be no back-to-school tax holiday in New Jersey this year.
New Jersey has introduced a tax exemption in 2022, just in time for back-to-school shopping.
The program proposed eliminating taxes on art and school supplies, sports and recreation equipment, computer equipment and laptops.
The program has been reinstated for the 2023 back-to-school shopping period.
However, in a bill signed at the end of July, the tax relief was removed from the tax regulations.
What is a tax exemption?
A tax holiday is a temporary period – usually about a week – during which sales taxes are reduced or eliminated to encourage purchasing and help taxpayers spend less.
Tax exemptions usually occur during periods of high purchasing volumes, such as the winter holidays or the start of school.
Most tax exemption programs limit relief to certain items and impose price caps on expensive items such as computers and laptops.
There are 19 states that offer at least one tax exemption this year.
New Jersey’s tax break on computers up to $3,000 – a popular purchase in recent years – would have been the most aggressive relief for critical technologies.
