Oklahoma Sales Tax Holidays Critical to Local Small Business
NFIB State Director Jerrod Shouse says this year’s sales tax holiday on clothing and shoe purchases comes at a critical time for Oklahoma’s small businesses.
“COVID-19 has been devastating for Oklahoma retailers,” Shouse said. “Many had to close their doors to reduce the spread of the coronavirus, lay off many of their valued employees, and spend thousands of dollars in additional equipment and supplies to keep the employees and customers that they have left safe. Some are still struggling to keep their doors open thanks to the coronavirus pandemic. Others, who have run of out PPP money, are doing their best to bring back employees and bounce back after months of reduced revenue.”
“Oklahoma needs its small businesses,” Shouse said. “They prop up and keep Oklahoma’s economy running. One way that Oklahomans can support small businesses during this tough time is to shop at their local mom and pop retail shop this weekend, when they can take advantage of purchasing clothing and shoes tax-free.”
According to a report by American Express, 67 cents of every dollar spent at a small business stays in the community. It also creates an additional 50 cents in local business activity as employees and owners purchase local goods and services.
This year’s sales tax holiday on certain clothing and shoes is Aug. 7-9.
“This weekend is the perfect opportunity for both Oklahomans and small business to benefit from the tax holiday,” Shouse said. “Oklahomans get a tax break on back-to-school clothes and shoes while also supporting one of the industries that has been hardest hit by the pandemic: their local small-town retailers that support the community they live in.
According to a recent NFIB survey, nearly half of small business owner anticipate needing additional financial support and more than 70% of small business owners have used their entire PPP loan.
To learn more, visit the Oklahoma Tax Commission’s website here.