Today is the start of Oklahoma’s tax free weekend. The main objective of the tax free weekend is to assist parents with school-related shopping expenses for children of all ages.
Over the weekend, now through midnight on Sunday, Aug. 9, shoppers have the opportunity to purchase select clothing and footwear without sales tax. To qualify for savings in Oklahoma, the sale of clothing and footwear priced less than $100 are generally tax free (see rules and guidelines online at: http://www.ok.gov/tax/faqs.html#c412)
Retailers in Altus and across the state were re-stocking their shelves Thursday as they prepared for the state’s annual sales tax holiday on back-to-school clothing and shoes, a shopping frenzy that coincides with the beginning of another school year. Classes in Altus start on Tuesday, Aug. 11.
The Oklahoma Tax Commission says shoppers will save more than $7.3 million in sales taxes during the long weekend, which retailers say is one of their busiest shopping events of the year.
Oklahoma charges a sales tax rate of 4.5 percent of each dollar of taxable sales. Counties and cities assess various sales tax rates that are added to the state rate.
Craig Shearman of the National Retail Federation, a Washington, D-C.-based advocacy group, reports that families spend an average of $630 during a sale tax holiday event and will likely save $30 or more by not having to pay sales taxes, enough to pay for another school outfit.
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