Tax Free Weekend

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Sunday, July 29, 2012

TAX FREE WEEKEND August 3rd, 4th & 5th

IRISH PUB and GRILLE Campus Corner 769 Asp Ave 路 217.8454

Sunday, July 29, 2012

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Oklahoma Sales Tax Holiday: August 3-5, 2012 Beginning at 12:01 am on Friday, August 3, 2012 and ending at twelve midnight on Sunday, August 5, 2012, Oklahoma will hold a sales tax holiday giving shoppers the opportunity to purchase certain clothing and shoes free of sales tax. This includes state and any local sales taxes.

Retailers are required to participate and may not charge tax on items that are legally tax-exempt during the sales tax holiday. The sales tax holiday exempts the sale of clothing and shoes priced at less than $100 from sales taxes.

What is a sales tax holiday?

What items are exempt from sales tax during the A sales tax holiday is a period of time when retail sales taxes are not sales tax holiday? collectible or payable on a specific class of purchases.

Why is Oklahoma having a sales tax holiday?

The Oklahoma Legislature passed Senate Bill 861 during the 2007 Legislative Session to benefit both consumers and retailers in the state by providing sales tax exempt shopping. This will help businesses by providing a boost in the economy and the consumer by allowing them to save money when shopping for clothing and shoes.

Sales of any article of clothing or footwear designed to be worn on or about the human body and the sales price of the article is less than one hundred dollars ($100) are exempt.

This does not apply to the sale of any accessories, special clothing or footwear primarily designed for athletic activity or protective use that is not normally worn except when used for athletic activity or protective use, or to the rental of clothing or footwear.

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Sunday, July 29, 2012

What items are not exempt from sales tax during the sales tax holiday?

Any special clothing or footwear that is primarily designed for an athletic activity or protective use that is not normally worn except when used for athletic activity or protective use for which it is designed.

Accessories including jewelry, handbags, luggage, umbrellas, wallets, watches, and other similar items carried on or about the human body, without regard to whether worn on the body in a manner characteristic of clothing are considered taxable.

The rental of clothing or footwear is also taxable.

Who may make sales tax-exempt purchases?

Under the special holiday law, if an item is tax exempt, anyone may make the purchase tax-free.

Are all retailers required to participate?

Yes, retailers may not charge tax on items that are tax-exempt during the sales tax holiday weekend.

Is there a maximum price before an item becomes taxable?

Yes, if an eligible item is less than $100 it is sales tax exempt during the sales tax holiday. An item that is $100 or more is taxable.

What if a retailer has a “bogo”—buy one, get one free sale?

The total price of items in the “bogo” cannot be averaged to qualify both items for the exemption. The exemption depends on the actual price paid for each item.

What if the retailer or purchaser has a coupon that reduces the purchase price of an item to less than $100?

If a retailer offers a discount to reduce the price of an eligible item to less than $100 the item will qualify for the sales tax exemption.

This applies to all discounts even if a retailer’s coupon or loyalty card is required to secure the discount.

If a retailer accepts a coupon that entitles the retailer to third-party reimbursement, such as a manufacturer’s coupon, the discount provided by the coupon does not reduce the item’s sales price for purposes of determining whether the item is eligible for the exemption.

Sunday, July 29, 2012

How is an exchange of merchandise handled?

If a customer buys an eligible item during the sales tax holiday and later exchanges it for the same item in a different size or color, tax is not to be charged even if the exchange is made after the sales tax holiday.

If a customer buys an eligible item during the sales tax holiday and returns the item after the tax holiday period for credit on the purchase of a different item, sales tax applies to the sale of the newly purchased item, even if it would have been eligible for the exemption during the sales tax holiday.

If a customer buys an eligible item before the holiday period, but returns the item during the sales tax holiday period and receives credit on the purchase of a different item of eligible property, no sales tax is due on the sale of the new item.

Do items placed in layaway qualify for an exemption from sales tax?

Yes, eligible items will qualify for the exemption when final payment on the layaway is made and the item is given to the customer during the exemption period.

I am ordering items online. Will these qualify for the sales tax holiday?

Eligible items sold to purchasers by mail, telephone, email or internet shall qualify for the sales tax exemption if the customer orders and pays for the item and the retailer accepts the order during the exemption period for immediate shipment, even if delivery is made after the exemption period.

What if a retailer runs out of an item and offers a raincheck. Will the transaction still be sales tax exempt?

Eligible items purchased during the sales tax holiday using a previously issued raincheck qualify for the exemption. If a raincheck issued during the sales tax holiday is redeemed after the sales tax holiday, the purchase is not tax exempt.

On the sales tax report form, where do retailers report the exempt sales made during the sales tax holiday?

Sales of eligible items exempted by the sales tax holiday should be reported on line 3g, “Other Legal Sales Tax Exemptions� of the Oklahoma Sales Tax report.

Tax Free Weekend August 3rd, 4th & 5th

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Sunday, July 29, 2012

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EXEMPTIONS “Clothing� means all human wearing apparel suitable for general use. A nonexclusive list of clothing that is exempt from sales and use taxes follows:

ing disposable diapers

* Pantyhose

* Ear muffs

* Rainwear

* Footlets

* Rubber pants

* Formal wear

* Sandals

* Aprons, household and shop

* Garters and garter belts

* Scarves

* Athletic supporters

* Girdles

* Shoes and shoe laces

* Baby receiving blankets

* Gloves and mittens for general use

* Slippers

* Bathing suits and caps

* Hats and caps

* Sneakers

* Beach capes and coats

* Hosiery

* Socks and stockings

* Belts and suspenders

* Insoles for shoes

* Steel toed shoes

* Boots

* Lab coats

* Underwear

* Coats and jackets

* Neckties

* Uniforms, athletic and non-athletic

* Costumes

* Overshoes

* Wedding apparel

* Diapers, children and adult, includ-

Sunday, July 29, 2012

Tax Free Weekend August 3rd, 4th & 5th

1- WE CREATE A MORE DYNAMIC BUSINESS CLIMATE Success leads to success. The more prosperous businesses we have, the more the local climate will encourage other entrepreneurs to set up businesses and create still more jobs.

2- WE GAIN MORE PROPERTY TAX INCOME TO INVEST IN OUR INFRASTRUCTURE The more thriving businesses we have, the more they will be able to expand. The more they expand, the more property and business tax they will pay, generating money that can be used for the good of our town and our citizens.

3- WE IMPROVE SERVICES A prosperous local economy is conducive to improvements in social, medical, and sports and liesure services, as well as in tourism, the arts, and entertainment.

4- WE HAVE MORE CHOICE AND A WIDER VARIETY OF PRODUCTS The sales figures of a business reflect its financial health, and when business is good, expansion projects multiply. Expansion brings new products and new services to our community.

5- WE BENEFIT LOCAL COMMUNITY ORGANIZATIONS Non-profit organizations receive many donations from local business people. Donations are essential to their survival, so it follows that the healthier the economy, the healthier our organizations.

6- WE MAINTAIN THE UNIQUE CHARACTER OF OUR TOWN AND REGION The charm of a municipality is in its dynamism and character. Those go hand in hand with its economic health. A municipality that can count on its population to buy locally is a muncipality to be envied.

7- WE CREATE MORE JOBS IN OUR TOWN AND REGION A thriving job market depends on the economic health of our region.

8- WE HAVE A POSITIVE IMPACT ON THE ENVIRONMENT Local enterprises purchase a lot more local products, greatly reducing the transportation of products from outside the region.

9- WE SUPPORT OUR REGION IN THE SEARCH FOR INVESTORS If our region has a dynamic economy, it is bound to attract investors. If our municipality receives revenues from business and property taxes, it can work to attract investors as well. Investors are like consumers: they are attracted to regions that are attractive!

10- WE INVEST IN OUR REGION For all the reasons listed above, buying local is logical, beneficial, and highly efficient. Buying local creates the economic leverage that is vital to the dynamism of a region. By working together we can support our local economy.

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