Ohio Duty Free Weekend 2022 is scheduled for August 5-7 with back-to-school sales

With inflation reaching four-decade highs, families can save at least a few dollars when they begin their back-to-school shopping during Ohio’s annual sales tax holiday.

The holiday, which runs Friday through Sunday, means shoppers won’t pay state or county sales tax on an item of clothing priced at $75 or less; an item of school supplies whose price is $20 or less; and any school teaching materials priced at $20 or less.

There is no limit on the total purchase. A buyer, for example, who spends $300 on two shirts, two pairs of pants, a pair of shoes, and a jacket will not pay tax on any of those items, assuming each costs less than $75.

Ohio Tax Free Weekend 2022:Ohio back-to-school sales tax exemption extends August 5-7 for certain apparel and supplies

If an item of clothing, for example, sells for more than $75, tax is due on the full sale price.

Franklin County Merchants Prepare for 2022 Ohio Tax Free Weekend

With a 7.5% sales tax rate in Franklin County, spending $100 will save shoppers $7.50. Other counties have different sales tax rates.

“The sales tax exemption benefits the consumer. It benefits the retailer. It benefits the state. It gets people to buy in Ohio,” said Lora Miller, Director of Government Affairs and Public Relations from the Ohio Council of Retail Merchants.

Back to school:When does your child return to school? Here is a list of district and college start dates

Traders are preparing sales for items covered by the holiday as well as those that are not, knowing that parents also have to buy more expensive items, such as laptops, that their children will need for school, a she declared.

Shoppers search for back to school items at Walmart on Sawmill Road in Dublin during last year's state sales tax holiday.

How Will Record Inflation Rates Affect Ohio’s Sales Tax Exemption?

The annual event comes as the inflation rate topped 9% in June, the highest rate since 1981, driving up the cost of many things students will need and carry when they start college. school in the coming weeks.

The National Retail Federation’s annual Back-to-School Shopper Survey finds that 68% say they’ve noticed higher prices on school items, including apparel, accessories and school supplies, and 38% say they are reducing their spending in other areas. to cover the cost of school supplies.

Inflation, rising food prices:How Greater Columbus Grocery Prices Stack Up

The federation’s survey predicts back-to-school spending this year is expected to match the 2021 record of $37 billion for families with children in elementary through high school. The average household will spend $864 on school supplies, about $15 more than last year, according to the survey.

Total back-to-college spending is expected to reach nearly $74 billion, up from last year’s record $71 billion and the highest in survey history. More students and their families plan to shop this year compared to last year and plan to spend an average of $1,199, about the same as last year.

Ohio’s tax-free weekend arrives just in time for back-to-school shopping

Back-to-school spending, second only to vacation spending in terms of total spending, increased as students returned to actual classrooms after being in virtual classrooms during the COVID-19 shutdowns.

Retail analyst Lee Peterson, executive vice-chairman of WD Partners, a Dublin-based retail consultancy, said there were no signs of a slowdown in sales despite inflationary pressures and concerns regarding the economy.

Parents who continue to work from home haven’t been hit as hard by rising gas prices and other rising travel and other costs, he said.

“There’s more cushion than you think,” he said.

Education:Ohio University to reinstate mask mandate due to rising COVID-19 transmission rates

Peterson said he expects more students to spend some of their money on back-to-school thrift stores, taking advantage of the growing popularity of buying items from thrift stores that offer bargains and hard-to-find items that traditional stores don’t. have.

“It’s a treasure hunt,” he said. “Something you can do with friends.”

The Akron Beacon Journal contributed to this report.

[email protected]


Related Post