IF YOU’VE BEEN PUTTING OFF CERTAIN PERSONAL PROPERTY PURCHASES NOW MAY BE THE TIME TO ACT!
This weekend, on Saturday and Sunday,is the 2018 MA Sales Tax Holiday. On those days, August 11th and 12th, most purchases by individuals that are under $2,500 are exempt from MA sales and use tax. The threshold is applied on a per item basis. Items sold for more than $2,500 are subject to the full sales tax. Some exceptions do apply:
• Certain products types such as motor vehicles, tobacco, gas, and meals, etc. are not eligible. See the link below for a full list.
• The sale must be to an individual for personal use. Sales to businesses do not qualify.
• For in-person sales, you must take possession of the purchased item on the sales tax holiday.
• Internet sales are eligible if ordered and paid for during August 11-12, even if the delivery occurs after.
For vendors, records still need to be maintained of sales (taxable and tax-exempt) made during this period. Vendors must participate in the holiday, including Out of State Vendors. Sales Taxes erroneously collected must be remitted.
This weekend’s sales tax holiday will provide a benefit to many Massachusetts consumers and businesses.
For further guidance and details see the following link – https://www.mass.gov/regulations/830-CMR-64h18-2018-sales-tax-holiday