The back-to-school season is set to become more costly for parents and teachers in New Jersey. The state has officially eliminated their annual tax holiday program, which previously allowed for tax-free back-to-school shopping. Now, parents and teachers will need to pay taxes on items such as computers, art supplies, school instructional materials, and sports equipment.
A recent survey of American parents revealed average spending on back-to-school supplies per child each year, as well as the states with the highest and lowest spending. The 10-day tax holiday, which had been in place for 2022 and 2023, was repealed in this year's state budget.
This change comes as 31% of parents report they won't be able to afford back-to-school shopping for their children, according to a survey. Additionally, more than a third of parents plan to take on debt, such as credit card debt or buy now, pay later loans, to cover the costs of their kids' school supplies.