taxes

'Green' means more in Missouri this year

Friday, April 17
Posted 8 a.m. EDT

Earth Day 2009 will have a double "green" meaning in Missouri.

The Show Me State is holding a sales tax holiday to promote energy-efficient appliances, beginning April 19 and running through April 25. The holiday was designed to leverage the environmental attention paid during the annual April 22 Earth Day celebration.

During the seven days of the Show Me Green Sales Tax Holiday, shoppers who purchase new Energy Star-qualified appliances will be spared the state's 4.225 percent sales tax.

Karen King Mitchell, director of the Missouri Department of Revenue, notes that savings could be more. Several local governments also have opted to participate in the holiday. The official announcement of the sales tax holiday names the nine counties, 58 cities and eight special taxing districts text that will be a part of the new holiday.

Don't forget the federal break: Purchases during the Show Me Green Sales Tax Holiday also can pay off on federal returns next filing season.

The American Recovery and Reinvestment Act (aka the Obama stimulus) signed into law on Feb. 17 includes up to $1,500 in tax credits for energy-efficient home improvements. This includes relatively easy improvements, such as adding more efficient windows, doors, roofs, water heaters, furnaces and air conditioners.

The table in "7 housing tax laws you don't want to miss" offers you some tax-saving guidance.

So Missourians, as well as folks from nearby states who come in for the sales-tax savings, be sure to get the documentation that your appliance meets the Energy Star requirements. You don't have to include it when you file your federal 1040, but you'll need it if the IRS questions your credit claim.

More Missouri tax holidays: State lawmakers also are exploring the possibility of adding another Missouri tax holiday.

Most of July would become sales-tax free under a bill beginning its trek though the Missouri legislature. The Independence Day Sales Tax Holiday would run from July 4 through July 31 and exempt sales taxes on all merchandise and services purchased in the state.

Missouri already has a back-to-school sales tax holiday each fall. The three-day event in early August waives the sales taxes on traditional back-to-school items. It's been on the calendar since 2005.

Tax holidays across the country: In fact, August is prime sales tax holiday month.

Of the 23 sales tax holidays planned this year in 14 states, 14 of the tax-free events are pegged to back-to-school shoppers.

I'm sorting through all the state info right now. Bankrate will get you the scoop on the precise wheres and whens of these tax holidays as the dates get closer.

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