A budget deal was achieved by Governor Murphy, Assembly Speaker Craig Coughlin, and Senate President Nick Scutari, which includes a tax break. According to Murphy, the period from August 27 to September 5 would be free from paying the approximately 7% state sales tax on school supplies.
“Another huge step forward in my Administration’s commitment to make New Jersey a stronger, fairer, and more affordable state for our inhabitants,” said Murphy of the idea.
According to the National Retail Federation, total back-to-school spending in the United States is anticipated to equal the record high of $37 billion set in 2021. The average amount that families with kids in elementary through high school intend to spend on school supplies is $864, which is an increase of around $15 over the previous year.
Since the start of the epidemic, back-to-school spending has increased significantly as families adapt to the changes brought about by virtual and hybrid learning. Back-to-school buyers will spend $168 more on average this year than they did in 2019 according to the National Retail Federation.
“Since inflation is a common concern on many of our citizens’ kitchen tables, now is the perfect time to implement a back-to-school tax break. This program will help make New Jersey more accessible for our children and families by reducing the cost of the most necessary products for academic success “McGurgan stated.
When To Save On Back-To-School 2022 With The New Jersey Sales Tax Holiday originally appeared on Morristown Patch.
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