Explore BrainMass

Explore BrainMass

    Sales Tax Holiday in Illinois

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Several states have declared sales tax holidays, in which the state does not collect sales tax on certain items for a given period of time. In most instances, the holiday has applied to purchases of clothing and the period has been a week to 10 days in August, the idea being to give a "back-to-school" discount as families to get ready for the new year. However, states have gotten more adventurous with the idea in recent years, and some have enacted or proposed holidays for hurricane survival supplies, gasoline, Energy Star appliances, and guns and ammunition.

    Analyze the impact of tax holidays in Illinois (please use most current data from when sales tax holidays were in use in Illinois, prior to 2012). Create a table with two (2) columns. The first column should list Yield, Equity, Administration and Compliance, and Economic Impact. The second column should explain the impact of tax holidays in each area.

    © BrainMass Inc. brainmass.com June 4, 2020, 3:24 am ad1c9bdddf
    https://brainmass.com/business/accounting/sales-tax-holiday-in-illinois-513623

    Solution Preview

    I obtained the equity and economic impact information from the following website: http://www.sj-r.com/top-stories/x782937008/No-repeat-this-year-of-state-sales-tax-holiday?zc_p=0. ...

    Solution Summary

    The following posting discusses sales tax holiday in Illinois.

    $2.19

    ADVERTISEMENT