It's officially tax-free weekend in Tennessee, and before you go cash-in on the savings, there are some things you need to know.
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00:00 It's officially tax free weekend here in Tennessee before you
00:04 go cash in on all the savings. There -- some things
00:06 that you certainly need to know about joining us with more
00:09 is Chris Snead with UT extension Chris thanks for being here
00:12 thank you gotta like you know the day before Christmas than
00:15 everyone hitting the malls it's tax free weekend and is this
00:18 is an opportunity truly for tennesseans to save some time it
00:21 is in fact in the past two years. Tennessee consumers can
00:24 save between eight and ten million dollars on tax -- weekend.
00:28 So it's certainly an opportunity to realize some really great savings
00:32 this weekend and there are certain things that you can save
00:35 on not every ending up what can folks. Federal money well
00:39 in general apparel less than a hundred dollars you can save
00:42 money on that that it needs to be general use apparel.
00:45 You're not going to be able to get your breaks led
00:47 us here necklaces or rings they're not tax exams. And it
00:50 any sports equipment market baseball glove would not be -- resilient.
00:55 You can also save money on school and art supplies --
00:57 -- school and art supplies are priced less than a hundred
01:00 dollars. But again those skill and art supplies have -- exclusions.
01:04 Reference books are excluded C. d.s USB drives are also excluded
01:09 as well. And in the final category would be computers. If
01:13 the computers priced 15100 dollars or less and -- -- sold
01:16 as a package -- tax exempt if I wanted to go
01:19 to this story just buy a new computer monitor. That wouldn't
01:23 be tax -- that you can definitely say absolutely and you
01:26 can't and as a result. Say being attacked our cash for.
01:30 The consumer. The state and local governments are they losing out
01:34 with it well the local governments are not losing revenue the
01:37 state actually reimburse the local governments for the tax revenues that
01:41 they would have collected gearing this period. It's really a win
01:45 win and for these state and local economies and for the
01:48 consumer's pocketbook as well all right let's talk about halftime cracked
01:51 yes and there's always. Fine print what -- folks need to
01:55 know when it comes to you exactly. What is tax break.
01:59 They really need to focus on the three broad categories. Apparel
02:03 school and art supplies and computers. I actually we -- the
02:07 department of revenues web site and had to call them to
02:10 get some clarification about ipads in those type of tablet devices.
02:14 Those are considered. -- -- tax exemption. But. PDAs gaming devices.
02:21 Nukes in -- those are not considered for tax exemption this
02:24 weekend. There is some fine print to pay attention to --
02:28 OK let's face it. Some folks despite it being. Tax free
02:33 weekend don't want to get really -- -- with the crowds
02:36 at the -- so without Internet purchases does the same applied
02:40 tax free applied to say things you buy online it does
02:43 as long as you complete the transaction pay for the transaction.
02:46 And the retailer process the process is the transaction. Gearing this
02:50 weekend. It will be taxed very even if it's delivered next
02:54 week -- the next to the next and it went out
02:56 something that maybe backlog are back order well does it still
02:59 apply even though you may not be getting it next week
03:01 even writing steel applied the -- -- -- -- -- general
03:04 guidelines that we outlined above. It does still apply. Okay see
03:09 syntax for Angela thanks thank all I am got to go
03:12 out there to save some money that with that liberty if
03:15 you will. You can. -- do more damage that you really
03:19 want to house spokesman rain again well the impulse buying --
03:24 is really going to be strong this weekend. It's really good
03:27 idea to sit down as a family. Determine what you need
03:30 to put it on paper take that leads to the store
03:32 and remember if you pay for something that's tax free on
03:35 plastic. And you don't pay that plastic golf by the end
03:38 of the billing cycle. -- TN 20/20 5% interest is gonna
03:41 negate any tax free savings you may have realized he can't
03:44 be Smart about absolutely you do RI bring a list that
03:48 list is a good thing indeed. All right Chris -- as
03:50 always thanks so much that we appreciate your. In fact that's
03:53 slightly. Well. Several major retailers offered some big back to school
03:58 sales for tax free weekend we have all that information on
04:01 the sales like target Wal-Mart and old navy. Online at WB
04:05 IR dot com there you can also find links today's major
04:09 retailers acts.