Stillwater NewsPress

Local News

August 2, 2012

Sales-tax holiday starts Friday

By Chris Day Stillwater NewsPress

STILLWATER, Okla. — Oklahoma residents are expected to save approximately $6.9 million in taxes Friday, Saturday and Sunday as the state observes its fifth annual sales tax holiday, Oklahoma Tax Commission public affairs specialist Joanne Kurjan said.

“We don’t have an estimate for this year, but the sales tax holiday has pretty consistently saved consumers $6.8 to $6.9 million,” Kurjan said.

The Oklahoma legislature approved the sales tax holiday in 2007, Kurjan said. The sales-tax holiday begins at 12:01 a.m. Friday and ends at midnight Sunday.

Clothing and footwear that cost less than $100 are exempt from city, county and state sales taxes, she said. The tax exemption does not apply to pencils, paper or other school supplies.

The state agency recently released the amount of money it distributed from sales tax collections from May 16 to June 15 in late July.

The city of Stillwater’s July distribution increased more than $300,000 between 2011 and 2012.

Stillwater city manager Dan Galloway said the sales-tax holiday lets consumers save money and retailers increase sales.

The tax-free weekend has a downside for the city — reduced sales-tax revenue. The city incorporates the sales-tax weekend into its revenue projections, he said.

July’s announcements that two industries will bring approximately 800 jobs to Stillwater is positive for Stillwater, Galloway said. Consumers are more confident about Stillwater’s economy and retail spending should increase.

“I think we will continue to see an upward trend,” Galloway said.

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