A measure introduced by state Sen. Rachelle Crowe, D-Glen Carbon, would create a tax holiday on clothes and school supplies starting with the 2021-2022 school year.
Senate Bill 4008 is a “nod to our working parents, guardians and teachers in Illinois, lowering the tax rate on school supplies is one less burden when preparing for the academic year,” Crowe said. “It is my hope by instituting a tax holiday, we can help relieve families and educators of some financial costs in order to prepare students for success.”
The measure would impose a lower tax rate on clothes and school supplies from 6.25 percent down to 1.25 percent. Illinois last promoted this initiative in 2010.
To offer more opportunities for savings, Crowe is pushing for the holiday to last from Aug. 6 through Aug. 8, 2021, as well as Aug. 13 through Aug. 15, 2021.
Every year, Missouri holds a “Tax Free Weekend” on school supplies, and historically Metro East families living near the border travel across the river to take advantage of the lower costs.
“By lowering the tax rate to be competitive with Missouri, we can give residents one more reason to shop local,” Crowe said. “We need to do whatever we can to support small businesses in our communities.”
via Illinois Business Journal
August 31, 2020 at 06:32AM