Tax free weekend underway in Oklahoma

By: From Wire Reports
By: From Wire Reports

OKLAHOMA CITY (AP) - Shoppers and merchants are preparing for Oklahoma's annual sales tax holiday on back-to-school clothing and shoes.

The three-day event begins Friday and ends Sunday as thousands of students prepare to return to the classroom for a new school year. Shoes and clothing costing less than $100 are exempt from state, city, county and local sales taxes during the holiday.

But a research group says the tax benefits of the event are minimal. The Institute on Taxation and Economic Policy says that while shoppers can buy some items tax-free, it does nothing to provide relief to low- and moderate-income taxpayers throughout the remainder of the year.

The group says greater tax fairness would be achieved with a permanent refundable low-income sales tax credit to offset the impact of sales taxes.

Online:

http://www.tax.ok.gov/stholiday.html

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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