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FOR IMMEDIATE RELEASE
FOR MORE INFORMATION CALL:
Gordon Gough, President/CEO, Ohio Council of Retail Merchants: 614/221-7833
Michael Jones, Director of Research, University of Cincinnati Economics Center: 513/556-2491
Council Applauds Introduction of Sales Tax Holiday Legislation
(Columbus, OH, November 19, 2013) Ohio consumers could save more than $78 million in sales taxes during the next back to school shopping season if Ohio enacts sales tax holiday legislation to be introduced by Senator Kevin Bacon (R-Columbus).
“We applaud Senator Bacon for proposing a bill that will provide meaningful savings for Ohio families,” said Gordon Gough, President/CEO of the Ohio Council of Retail Merchants. “The average American family with K-12 children spent $688.82 on back to school purchases in 2012. With a three day sales tax holiday on purchases of back to school clothing, footwear and computers, every household with children under age 18 could save $38 or more.”
The study by the Retail Merchants’ research arm, Focus on Ohio’s Future, was conducted by the University of Cincinnati’s Economics Center.
“A three day sales tax holiday would boost spending 4.8% in the month of the holiday as consumers take advantage of tax savings,” said Michael Jones, Director of Research at the Center. “Consumers will use the money they save on back-to-school items to purchase other taxable goods that they otherwise would not have purchased.”
Sales tax holidays currently are offered in 18 states around the country, with tax relief on selected merchandise including computers, clothing, footwear and furniture.
“Consumers value every dollar of savings,” said Gough. “We are grateful for Senator Bacon’s leadership on this issue and look forward to working with him to secure the support of other state leaders on this pro-consumer legislation.”
The complete study is available online at http://focusonohiosfuture.com/?page_id=19.
Founded in 1922, the Ohio Council of Retail Merchants is Ohio’s trade association for the retail industry, with more than 5,000 members statewide who serve millions of Ohioans daily.
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