Virginia’s sales tax holiday starts today.
Stock up on shoes, clothes, school supplies, & more.
I hope you’re staying cool and dry as these hot and rainy summer days sweep through. I know we’ve all been feeling the heat from higher prices, too, so I wanted to share a few ways the General Assembly is trying to help.
Virginia’s annual sales tax holiday starts today. On August 5th, 6th, and 7th you’ll pay no state sales tax on:
- school supplies 📚
- clothes and shoes 👕
- ENERGY STAR and WaterSense products💡
- generators & chainsaws for when heavy storms hit 🌧
It’s a great time to stock up on gear for the new school year or invest in energy efficiency to save money for the long haul.
State tax rebate checks are also headed your way this fall.
Everyone who paid and filed state income taxes for the 2021 tax year is eligible.
- Single filers will receive up to $250 and couples filing jointly will get up to $500. (You’ll get back the taxes you paid up to those amounts.)
- The rebates will be sent by mid-October and should arrive by October 31.
- If you got a state tax refund by direct deposit, your rebate will be deposited, as well. All other filers will get a paper check by mail. If your mailing address has changed since you filed your taxes, you’ll need to update your address here by August 15.
Rebates were the fastest way for the General Assembly to get money back in people’s pockets this year, but there are more long-term tax savings starting in 2023:
- The state grocery tax will stop at the end of this year. That’s $1.50 savings for every $100 spent on food and essential hygiene products.
- We also adjusted the standard deduction and Earned Income Tax Credit to reduce taxes on working families. The median household will see their 2022 state income taxes drop by about $500 when they file next spring.
All in all, I think the budget compromise we struck this summer has some strong features (and I shared more about the process here). In the long run, we need to bring down the cost of living by investing in cost-effective production and distribution nationwide. That’s why I’m so glad to hear the US Senate is nearing a deal on the Inflation Reduction Act, which will help bring down the price of everything from energy to prescription drugs.
