Massachusetts Tax Free Day - Aug 13th-14th, 2011 - Get Out & Shop 'til You Drop!
Back by popular demand, this weekend, August 13th-14th, Massachusetts will be offering a tax free day a/k/a tax free holiday. You can score on some significant savings if you are purchasing large ticket items this weekend. The sales tax for Massachusetts is currently 6.25%.
As with anything that is related to the government, there are rules that must be followed. Here is a summary of some of the requirements:
What qualifies for the tax incentive?
- Items purchased for personal use only
- Items not exceeding $2,500 in total purchase price
- Special order items that are shipped later will qualify providing they are paid in full on one of the tax days
- Rain checks used to purchase on either of the tax days
- Instant manufacturers rebates (cannot be combined with merchant discount)
- Merchant discounts (cannot be combined with instant manufacturers discount)
- Internet sales providing they are paid in full on one of the tax days regardless of delivery date
What doesn't qualify for the tax incentive?
- Motor vehicles
- Motorboats
- Meals
- Telecommunication services
- Gas
- Steam, electricity or tobacco products
- Layaways
- Rain checks issued on the tax day
- Items purchased for business
- Items exceeding $2,500 in purchase price
For specific rules and guidelines visit MA Tax Free Holiday 2011
If you have purchased a home recently and need some new furniture or appliances, you might want to get out and shop 'til you drop! You also might want to check out whether or not any of those new appliances qualify for a federal tax incentive here Federal Tax Credits for Consumer Energy Efficiency. Now that would be a double bonus!
If you have NOT closed on your new home and are financing the purchase, make darn sure that buying these items will not impact your financing eligibility. Spending large sums of money prior to a closing can be the death of your loan. Don't let that happen to you! Check with your lender before you go on a shopping spree.
Copyright© by Judy Jennings - All rights reserved. Massachusetts Tax Free Day - Aug 13th-14th, 2011 - Get Out & Shop 'til You Drop!
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