The Massachusetts Department of Revenue announced recently that the 2024 Sales Tax Holiday will be held on August 10th and 11th.
If you are thinking about making a purchase on any of these dates, here are some important reminders to consider:
- Most retail items up to $2,500 are exempt from sales tax during the dates noted above. Examples of Items that are still taxable during these dates are:
- Meals, Motor Vehicles, Motorboats, Telecommunications Services, Gas, Steam, Electricity, Tobacco Products, Marijuana/Marijuana Products, and Alcoholic Beverages
- The sales tax holiday benefits only apply to items bought for personal use. Any items purchased by corporations, businesses, or by individuals for business use are subject to sales tax.
- If an item is purchased online that qualifies for the tax exemption during the holiday, it will also be eligible for the sales tax exemption.
- If an item costs more than $2,500, the entire item is taxable.
- For multiple items purchased at one time, if each individual item is $2,500 or less, they can be purchased together tax-free even if the total cost of the items is more than $2,500.
- Please be aware that items sold together for a price exceeding $2,500 cannot be broken out to be sold individually and will be taxable.
- Generally, throughout the year, clothing is not subject to sales tax if the cost is below $175. During the sales tax holiday, if a piece of clothing costs more than $2,500, only the first $175 of that purchase is not subject to tax.
- Delivery and Shipping fees are not included in the purchase price of an item when considering sales tax exemption. It is recommended to separately state those charges on the receipt of the item.
- If a purchase is made for an out-of-stock item, or for future delivery, as long as the item was paid for on one of the dates noted above, it will be exempt from sales tax.
We recommend looking around now or before the holiday if you are considering making a large purchase in order to be prepared for when the holiday arrives. Additionally, be on the lookout for special deals that retailers may have for this occasion.
We hope you have fun during your shopping adventures and Happy Fourth of July!
If you have any questions or would like to speak with one of our professionals, please contact our office at 781-453-8700.