Illinois back to school tax break starts today Chicago
Illinois' back-to-school tax break starts today - Axios ChicagoLog InLog InAxios Chicago is an Axios company.
Back-to-school tax break starts today
A child shops for school scissors. Photo: Patrick T. Fallon/Bloomberg via Getty Images The 10-day tax holiday for back-to-school shopping starts today. Why it matters: The state, which introduced the holiday earlier this year to help Illinoisans afford supplies amid rising inflation, estimates it will save families . Context: Gov. J.B. Pritzker added the tax holiday to his along with other measures, like suspending the gas tax increase. Details: It's not a tax freeze. The state sales tax will be lowered from 6.25% to 1.25% through Aug. 14 on , including: Shoes Shorts, pants and dresses Various school supplies Yes, but: Individual items must cost under $125 to get the tax break. Some bigger items are excluded, like: Cellphones Jewelry Sports accessories Zoom in: Local parents are spending an average of $886 per child on supplies this year, 34% more than the projected national average of $661. The big picture: The tax break comes at a time when many Chicagoans are worried about their financial outlook. A new by Deloitte found that:51% of local shoppers expect the economy to weaken in the next six months.31% say their financial situation has worsened since last year.58% are concerned about the increase in back-to-school prices due to inflation. What they're saying: "We've seen a significant shift in parents' priorities this year, with mental health at top of mind," Matt Adams, a principal at Deloitte Consulting who specializes in retail, tells Axios. He notes that 46% of parents say they've "purchased products or services to address this issue for the coming school year." Get more local stories in your inbox with .Subscribe Support local journalism by becoming a member.
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