Louisiana state sales tax holiday getting close - FOX 8 WVUE New Orleans News, Weather, Sports, Social

Louisiana state sales tax holiday getting close

BATON ROUGE, LA (WVUE) -

Make your list and check twice. It’s time for the state sales tax holiday on a host of items.

August 5 and 6 will be the 2016 Louisiana Annual Sales tax holiday.

Families shopping for back-to-school supplies, electronics, furniture and most other retail items will save on most items of tangible personal property will see a tax rate reduction from five percent to three percent.

There are, of course, condition attached to the deal.

The sales tax exemption applies to the first $2500 of the purchase price of each eligible item when the customer:

  • Buys and accepts delivery of eligible property;
  • Places property on layaway;
  • Acquires property that was previously placed on layaway; or
  • Places an order for immediate delivery, even if the delivery must be delayed, provided the customer has not requested delayed delivery
  • Local sales taxes apply to all transactions unless the local taxing authority creates its own exemption.

Exceptions

The sales tax holiday does not apply to:

  • Vehicles subject to title and license
  • Meals prepared for consumption on premises or to-go; and
  • Taxable services such as hotel occupancy, laundry services, printing services, telecommunication services, the furnishing of cold storage space, leases or rentals of tangible personal property, repairs to tangible personal property, and admission to athletic, amusement, or recreational facilities or events

Visit www.revenue.louisiana.gov/taxholiday for more information.

Back-to-School Tax Deductions

Shoppers to retain receipts for back-to-school items such as supplies, uniforms, and equipment required by schools.

These purchases may qualify for tax deductions on 2016 Louisiana Individual Income tax returns due May 15, 2017.

The deductions apply to educational expenses for public, private, parochial, and home schools.

To claim the deductions, you must be able to claim the student as a dependent on your state individual income tax return, and you must be able to provide documentation for the expenses.

For more information about the Louisiana School Tuition and Expense Tax Deductions, visit www.revenue.louisiana.gov/schooldeduction

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