Joyce and Galvin announce sales tax holiday
By Canton CitizenState Senator Brian Joyce and Representative William C. Galvin (D-Canton) joined colleagues in the Massachusetts House and Senate last week in approving legislation establishing a state sales tax holiday on August 13 and 14.
This will be the sixth year that the commonwealth has provided a sales tax exemption for two days and the seventh year with at least one tax-free day.
“The summer sales tax holiday weekend helps consumers and local businesses in these difficult economic times,” said Galvin in a statement.
“I’m pleased that this will offer some relief to small business owners and hard-working families struggling in this economy,” said Joyce in a separate statement.
Joyce noted that tax collections for all of fiscal year 2011 totaled $20.5 billion, which is a $2 billion increase over FY10 collections and $723 million above benchmark. Also, revenue for the month of June came in at $2.1 billion – a 5.2 percent increase from last June and $48 million above the monthly benchmark.
According to the Massachusetts Department of Revenue, the sales tax holiday has saved consumers nearly $100 million since 2004. The legislature has passed it every year since then, except in 2009, when the recession was at its worst.
The sales tax exemption will apply to single-item purchases under $2,500. Exclusions include gas, steam, electricity, motor vehicles, motorboats and meals.
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Posted by Canton Citizen
on Aug 4 2011. Filed under Uncategorized.
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