MO Sales Tax Holiday a Big Deal for Small Business

Date: July 26, 2016 Last Edit: August 02, 2016

Missouri’s
upcoming sales tax holiday on clothing, computers, and school supplies could
provide a much-needed lift to many small stores and businesses, said Brad
Jones, state director of the National Federation of Independent Business. The tax
holiday is Aug. 5-7 in participating jurisdictions.

“It’s been a ho-hum summer for
a lot of small businesses,” Jones said. “In jurisdictions that choose to
opt in, the sales-tax holiday should help people get fired up and in the mood
to spend.”

The latest NFIB
Small Business Optimism Index
, released July 12, shows that small-business
confidence improved by only a fraction of one percent in June.

“Small businesses are in
maintenance mode,” said NFIB Chief Economist Bill Dunkelberg. “Uncertainty is
high, expectations for better business conditions are low, and future business
investments look weak.”

That’s where the sales-tax
holiday comes in, Jones said. Parents would go back-to-school shopping
regardless, he said, but the tax holiday could also attract cash-strapped
shoppers who have delayed purchases.

“And people need to remember
that the tax holiday applies to Main Street as well as the mall,” Jones said.
“Even if you don’t need school clothes, you can save money shopping during the
sales-tax holiday, and you can find some great deals and unique merchandise by
shopping small.

“When you shop at small,
locally-owned businesses, you’re helping your friends and neighbors,” Jones
said. “You’re supporting the businesses that support our schools and charities
and create jobs in our communities.

“Combined with the
back-to-school sales a lot of stores are having, the sales-tax holiday is going
to help people get a bigger bang for their buck,” Jones said. “The more we
can do to encourage people to shop at small businesses, the more jobs we’ll
save, and the faster our economy will grow.”

To learn more about Missouri’s
sales tax holiday, visit the Department of Revenue’s website at http://dor.mo.gov/business/sales/taxholiday/school/.

NFIB is the state’s leading
small-business association, representing a cross-section of the state’s
economy. For more information, visit www.NFIB.com/MO
or follow @NFIB_MO
on Twitter.

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