Sunday, December 22, 2024

NJ tax holiday? Not this year; state drops back-to-school shopping plan

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Wondering about New Jersey’s tax holiday? Unfortunately, if you were hoping for some tax-free shopping this back-to-school season, you’re out of luck.

The state has ended its two-year-old program.

When is tax-free back to school?

There will not be a tax holiday this year in New Jersey for the back-to-school season.

New Jersey introduced a tax holiday in 2022 in time for back-to-school shopping.

The program dropped taxes on art and school supplies, sports and recreational equipment, computer equipment, and laptops.

The program returned for the 2023 back-to-school shopping period.

However, in a bill signed in late July, the tax relief was removed from tax regulations.

What is a tax holiday?

A tax holiday is a temporary period — typically a week or so — during which sales taxes are reduced or eliminated to encourage buying and help taxpayers spend less.

Tax holidays are generally scheduled around major buying periods, like winter holidays or back-to-school.

Most tax holiday programs limit the breaks to specific items and have price caps on big-ticket items like computers and laptops.

There are 19 states that offer at least one tax holiday this year.

New Jersey’s tax break on computers up to $3,000 — a popular buy in previous years — would have been the most aggressive break on essential technology.

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