Massachusetts Sales Tax Holiday Covered
- Sales Tax News
- Jul 11, 2012 | Susan McLain
Last year, the annual sales tax holiday caused the state to forgo $21 million in sales tax revenues to support the holiday. This year, Governor Patrick has found a way to cover the lost revenue in order to ensure the sales tax holiday occurs.
According to the Massachusetts Governor’s press release, “A supplemental spending plan filed alongside the FY13 budget sets aside an estimated $20 million from a recent one-time payment to the General Fund the Commonwealth recently received to support the popular measure.”
The release continued to express that “Identifying funds to support an initiative that generates revenue for retailers and delivers savings to consumers at the outset of the fiscal year is responsible and prudent….”
The Act is retroactive to July 1, 2012.