Good news: Ohio residents can enjoy an expanded sales tax holiday this year, offering savings on various purchases. Gov. Mike DeWine announced that the 2024 sales tax holiday will run for ten days — a notable extension from previous years.
"Ohio's sales tax holiday, historically, has been meant to help families buy clothing and school supplies for the upcoming school year,” DeWine stated in a release, adding, “This expanded sales tax break will help Ohio's families with back-to-school necessities as well as other substantial purchases during a time when so many household budgets are being strained."
Here’s more of what you need to know before you shop (or dine).
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Ohio tax-free days expanded: When does it start?
This year's sales tax holiday in Ohio runs from Tuesday, July 30, through Thursday, August 8. This ten-day window of tax-free shopping is a notable expansion from the traditional three-day sales tax holidays held in many states.
And there’s more good tax news for Ohioans. The 2024 tax-exemption benefits extend beyond school supplies (more on that below).
One notable change is the increase in the price limit for eligible items.
- Previously, the tax exemption applied to clothing items priced at $75 or less and school supplies at $20 or less.
- Now, consumers can enjoy tax-free purchases on eligible items priced up to $500, regardless of the total purchase amount.
Note: You can take advantage of these savings in-store and online.
Eligible items for Ohio tax holiday 2024
Most items priced up to $500 per item are eligible for the sales tax holiday. This is an expansion from previous years, where only specific categories were included. For example:
- Clothing items were previously limited to $75 per item.
- School supplies and instructional materials were previously limited to $20 per item.
The expanded holiday also introduces a new category: restaurant meals.
For the first time, dine-in meals at restaurants are included in the tax exemption.
It's important to note that this applies only to food consumed on the premises, not to carry-out or delivery orders.
What’s not included in Ohio tax-free days?
Certain items remain excluded from the tax holiday. These include services, watercraft, motor vehicles, alcoholic beverages, tobacco products, and items containing marijuana.
Tax-free days Ohio: Bottom line
As the Ohio tax-free period for 2024 approaches, it might help to plan your purchases to take advantage of savings, whether you're stocking up on school supplies, upgrading home essentials, or enjoying a meal out.
And keep in mind that this expanded sales tax holiday isn’t the only tax change in Ohio this year. Ohio is implementing new personal income tax rates for 2024. The number of state tax brackets is being reduced from four to three, with the top two brackets combined into one.
The new tax rates will be 0% for income up to $26,050, 2.75% for income between $26,051 and $100,000, and 3.5% for income above $100,001.
Related
-
Why Uber Stock Is Volatile After GM's Cruise AnnouncementUber stock is swinging this week following news that General Motors is restructuring its Cruise unit. Here's what you need to know.
-
UnitedHealth Stock Falls as Lawmakers Eye Insurers, PBMsUnitedHealth stock is continuing to fall Thursday after the introduction of bipartisan legislation targeting PBMs and healthcare giants. Here's what to know.
-
Retirement Abroad? Three Countries With No Inheritance TaxRetirement Taxes These 2025 top-retiree-friendly countries have an added benefit: potential tax savings for you and your heirs.
-
Five Tax-Savvy Ways To Donate This Holiday SeasonCharitable Donations Food pantries, toy drives, and animal sanctuaries are popular ways to support others year-round.
-
Tax Pros: Is Someone Fraudulently Filing Returns With Your PTIN?Tax Filing An unmonitored preparer tax identification number (PTIN) can lead to serious issues.
-
Are You a Renter? You Could Save on TaxesTax Breaks With these tax savings at your fingertips, rent may be more affordable
-
2025 Open Enrollment: Some DACA Recipients Can Purchase Affordable Care Act Health InsuranceOpen Enrollment Your eligibility to purchase health insurance from the federal marketplace may have changed. Here's what you need to know.
-
Holiday Office Party Taxes: Know Before You GoTax Tips The IRS could tax your gifts from Christmas raffles, Secret Santa, and White Elephant. Here’s how.
-
New Mexico Small Business Saturday Tax Holiday 2024Tax Holiday Here's how you can save on taxes during New Mexico’s Small Business Saturday.
-
Holiday Shopping Tax Tips for Business OwnersTax Deductions Before hitting the sales, businesses should know these key deductions and look out for overspending.
