New Jersey Cancels Tax Holiday on Back-to-school Supplies

the staff of the Ridgewood blog

Ridgewood NJ, Bergen County shoppers preparing for the back-to-school season will face higher costs this year as the state will not observe its annual tax exemption holiday. This change means families might have to spend more on essential school supplies.

A Change in Legislation

The tax exemption holiday, introduced in 2022 to help alleviate the financial strain of back-to-school shopping, was repealed in the latest state budget. This 10-day tax-free period had provided a temporary relief for families, making necessary purchases like clothing, backpacks, and other school supplies more affordable.

Rising Costs

The repeal of the tax holiday comes at a time when back-to-school expenses are already on the rise. The National Retail Federation estimates that families will spend over $850 on supplies and clothes this year, an increase of about 1% from last year.

Financial Impact

For many families, this additional financial burden adds to the existing challenges of preparing for a new school year. The tax-free holiday had been a welcome respite, helping to manage the costs of necessary school items. Without it, parents will need to budget more carefully to ensure they can afford all the supplies their children need.

Looking Ahead

As families adjust to this change, it will be important to explore alternative ways to save on back-to-school shopping. Bulk buying, using coupons, and taking advantage of store sales can help mitigate some of the increased costs. Additionally, communities and schools might offer resources or programs to support families in need during this transition.

While the repeal of the tax holiday presents an immediate challenge, it also underscores the importance of planning and budgeting for the school year ahead. By staying informed and proactive, families can still make the most of their back-to-school shopping and ensure their children are well-prepared for the year to come.

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