New Jersey will waive its 6.625% sales tax for 10 days on a range of supplies, including pens, notebooks, art supplies, text books, computers and sports equipment.
, D-Middlesex. Trenton’s coffers were overflowing with billions of dollars in surplus tax revenue, and Democrats were under pressure to provide relief.
But Republican lawmakers, policy experts and left-leaning activists widely panned the initiative and dismissed it as a gimmick that will not make New Jersey more affordable for low-income families. Coughlin cited estimates in June that would amount to a savings of about $50 on school supplies for the average family. DiMaio referenced 2021 data fromBy the end of June, New Jersey had raked in a record tax revenue windfall of more than $10 billion, and the sales tax holiday is expected to cost the state approximately $75 million in lost revenue, according to the state Treasury Department.
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