Good news for Virginia shoppers: the Commonwealth's sales tax holiday was back to its regular August slot for 2024. This means you can once again enjoy a weekend of tax-free shopping, just in time for back-to-school preparations and other essentials.
This came after a hiccup last year when lawmakers allowed the tax holiday to lapse and held it later than usual. As a result, Virginia shoppers had to wait until October to enjoy tax-free purchases. Thankfully, 2024 saw the event returning to its familiar schedule.
Virginia tax-free weekend 2024
The Virginia sales tax holiday ran from Friday, August 2, through Sunday, August 4. During these three days, you could buy a range of qualifying items without paying Virginia sales tax, which when combined with local tax, can reach 7% in some areas.
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.
Here's a quick rundown of what qualified for the tax break:
- School Supplies: Items like notebooks, pens, and other school essentials priced at $20 or less per item are tax-free.
- Clothing and Footwear: Apparel items priced at $100 or less per piece qualify for the tax exemption.
Hurricane and Emergency Preparedness Products were also included in Virginia’s tax-free weekend. This includes items like portable generators (up to $1,000), gas-powered chainsaws (up to $350), chainsaw accessories (up to $60), and other specified hurricane preparedness items (up to $60).
And don’t forget about Energy Star™ and WaterSense™ Products: Energy-efficient appliances and water-saving products for home use, up to $2,500 per item, are also tax-free.
Make sure to check out the Virginia Department of Taxation's guidelines to see the full list of qualifying items and any specific rules. Being prepared will help you make the most of the tax-free weekend.
Other Virginia tax relief: Standard deduction
In addition to the annual sales tax holiday, it’s worth noting that Virginia has introduced another tax relief measure that could benefit residents. The Commonwealth’s budget for 2024 and 2025 includes a temporary increase in the standard deduction.
- For joint filers, the Virginia standard deduction will rise to $17,000, up from $16,000.
- Virginian’s standard deduction for single filers will increase by $500, from $8,000 to $8,500.
This temporary change applies to the 2024 tax year (state tax returns you’ll file in early 2025). Lawmakers have indicated extending the increased standard deduction is possible if Virginia’s revenue goals are met. However, it's important to note that this involves the state-level standard deduction, not the federal standard deduction.
And while that's good news for many Virginia residents, keep in mind that Virginia implemented a gas tax increase to 30.8 cents per gallon from 29.8 cents as of July 1. While that's not as steep as some other states that increased gas taxes this summer, the tax hike still contributes to the overall cost of driving a vehicle in the Commonwealth.
Related
-
Stock Market Today: Stocks Drop Ahead of September Jobs ReportStocks were choppy Thursday as investors took in a higher-than-expected rise in jobless claims and strong growth in the services sector.
-
Sign up for a two-month free trial of CLEAR Plus and enjoy expedited screening the next time you travel.Sign up for a two-month free trial of CLEAR and enjoy expedited screening the next time you travel.
-
New Jersey Ends Sales Tax Break for EVs: What to KnowState Tax Discover alternative savings now that New Jersey is phasing out its sales tax exemption on EVs.
-
Landmark Lawsuit Targets Unfair NYC Property TaxesProperty Tax New York’s highest court just weighed in on the city’s embattled property tax code. Here's what it could mean for you.
-
IRS Solar Tax Credit Payouts Soar as Scams Target HomeownersClean Energy Clean energy tax credits are paying off for many, but experts warn of increasing scams.
-
Arizona Pickleball Taxes? What You Need to KnowState Tax The popular sport is sparking debate in some communities. Could you be subject to ‘pickleball taxes’?
-
Capital Gains in Retirement: Managing RMDs, Taxes, Social Security and MedicareCapital Gains Capital gains tax can significantly impact your funds and financial planning for retirement.
-
Mansion Tax: Do You Need to Worry About It?Mansion Tax If you’re in the market for a high-value home, you may face an additional tax rolled into your closing costs.
-
Do You Stop Paying Taxes on Social Security at a Certain Age?Social Security There’s some confusion over whether you can escape taxes on Social Security benefits based on age.
-
Is an Annuity Worth It? Tax Pros and ConsRetirement Knowing how an annuity might impact your tax situation can be confusing. Here are some advantages and downsides to consider.
