Louisiana’s First Sales Tax Holiday is This Weekend

If you’ve put off your holiday shopping and live in or near Louisiana, you’re getting a break this weekend. The 2005 Sales Tax Holiday, passed during a special session of the state legislature last month, will be in effect Friday, December 16, to Sunday, December 18.

Shoppers throughout Louisiana, will save 4 cents on every dollar of the first $2,500 of the purchase price on most individual items. The tax holiday applies only to the 4 percent that is the state portion of the sales tax. Local taxes will still apply.

Meals intended to be immediately consumed, either on-premises or as take-out orders, are generally exempt from the sales tax holiday, which applies only to purchases of “tangible personal property.” Taxable services, leases, rentals and purchases of vehicles subject to license and title, are also exempt from the tax break. Rain checks issued during the period or exchanges of merchandise, purchased during the holiday, which are made after the tax holiday ends are exempt from the tax break as well.

The Daily News Online reports that businesses that must have their cash registers reprogrammed for the change in tax rates will be allowed sales tax credits of up $25 per cash register reprogrammed.

You may like these other stories...

Federal judge tosses IRS lawsuitsBernie Becker of The Hill reported that a federal judge sided with the IRS on Thursday, tossing out two lawsuits filed against the tax agency over its improper scrutiny of Tea Party groups...
Amidst the dark clouds hovering over the IRS this year—ranging from the lingering Tea Party scandal to other improprieties to damaging budget cuts—at least there's a ray of sunshine in a new report from the...
SEC, Big Four Chinese affiliates make progress in talks over audit documentsMichael Rapoport of the Wall Street Journal reported that the US Securities and Exchange Commission (SEC) and the Chinese affiliates of the Big Four...

Already a member? log in here.

Upcoming CPE Webinars

Oct 30Many Excel users have a love-hate relationship with workbook links.
Nov 5Join CPA thought leader and peer reviewer Rob Cameron and learn ways to improve the outcome of your peer reviews while maximizing the value of your engagement workflow.
Nov 12This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Nov 18In this session Excel expert David Ringstrom, CPA tackles what to do when bad things happen to good spreadsheets.