New Jersey Assembly Repeals Annual Sales Tax Holiday

The New Jersey Assembly Budget Committee has announced the repeal of the annual sales tax holiday for retail sales of computers, school supplies, instructional materials, and sports or recreational equipment. This decision, documented in Assembly Bill No. 4702 and dated June 26, 2024, marks a significant shift from the provisions established by P.L.2022, c.21.

Previously, the sales tax holiday was in effect during the ten-day period leading up to and including the first Monday in September. This tax break was designed to provide financial relief to families preparing for the new school year by exempting these essential items from sales tax.

With the repeal, consumers will no longer benefit from this temporary tax exemption, potentially impacting back-to-school shopping and related retail activities. The Assembly’s decision to repeal the holiday comes amid broader budgetary considerations and fiscal planning for the state. (New Jersey Assembly Budget Community, June 26, 2024)

Posted on July 5, 2024