School supplies now on the tax free shopping list for Friday and Saturday
For the first time, school supplies will be included in Mississippi’s annual sales tax holiday set for Friday July 26 and Saturday July 27.
In previous years, clothes, shoes and accessories were the only items that were included in Mississippi’s tax free weekend.
School supplies are now on the list including backpacks, composition books, writing utensils and sheet music.
$100 Threshold. The Sales Tax Holiday applies to each eligible item selling for less than $100.00, regardless of how many items are sold at the same time. Items priced at $100.00 or more are subject to Sales Tax at the regular retail rate of 7%.
For example, a customer purchases two (2) shirts at $50.00 each, a pair of slacks at $75.00, and a pair of shoes at $110.00. No Sales Tax is due on the sale of the two shirts and the pair of slacks at a cost of $175.00, even though the combined cost exceeds the one hundred dollar ($100) threshold. However, Sales Tax is due on the entire $110.00 for the shoes since they exceed the one hundred dollar ($100) threshold.
Rain Checks. Eligible items purchased during the Sales Tax Holiday using a rain check qualify for the holiday only if the rain check is redeemed during the Sales Tax Holiday. If it is redeemed after the holiday, the purchase is subject to Sales Tax.
Click here for the official guide from the Mississippi Dept of Revenue.