Vermont Chamber Supports Sales Tax Holiday
NEWS
FOR IMMEDIATE RELEASE
August 21, 2009
Contact: Jeff Morton
Director of Communications
(802) 229-2273
jmorton@vtchamber.com
Vermont Chamber Supports Sales Tax Holiday
Optimism Renewed for Continued Economic Growth
The approaching sales tax holiday, scheduled to take place on Saturday, August 22nd is sure to be a boon for the state’s economy and the Vermont Chamber of Commerce is encouraging consumers to support their local businesses.
“We are pleased that Governor Douglas and the Legislature recognized the important role a sales tax holiday plays in sustaining local businesses during this difficult economic downturn,” said Betsy Bishop, President of the Vermont Chamber of Commerce. “We are optimistic that this holiday will provide a needed jumpstart to the local economy and get downtown businesses back on their feet.”
Vermont Chamber member businesses are gearing up for what they anticipate to be a busy day. Some businesses are extending their hours, adding additional staff, and even adding extra discounts and bonuses.
Retailers are more prepared for the additional business because this is the second year the sales tax holiday has been offered. Businesses are happy to be able to give employees overtime or extra hours-something they haven’t been able to do in quit some time. Some businesses are even staying open 24 hours.
Any products costing $2,000 or less that are normally subject to sales and use, or local option sales tax will be exempt from such taxes and there are no limits on the total cost of purchases.
This sales tax holiday benefits more than just the retailers. It also benefits, employees who are getting extra hours; it benefits consumers, who are saving money, and there are additional revenues being generated by the increased advertising that businesses are doing to rope consumers in. Vermont businesses along the New Hampshire border will benefit in particular because the day will keep them more competitive with the neighboring Granite State, which has no sales tax.
“We hope that businesses will start to thrive again in the state because when businesses are doing well, everybody benefits which is why business is good for Vermont,” Bishop said.
Another sales tax holiday will take place on Saturday, March 6, 2010.
The Vermont Chamber of Commerce, the largest state-wide private, not-for-profit business organization represents nearly every sector of the state's corporate/hospitality community. Our mission is to create an economic climate conducive to business growth and the preservation of the Vermont quality of life.
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