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NC to lose $9.2 million with weekend tax holiday

RALEIGH -- Shoppers and retailers are gearing up for North Carolina's seventh annual sales tax holiday. The three-day tax reprieve lifts the 6.75 percent tax charged in most counties on many back-to-school items such as backpacks, clothing and sports equipment. The holiday begins Friday and runs through Sunday. The North Carolina Retail Merchants Association hopes the holiday will help the state's slumping economy by encouraging people to shop. But lifting the tax means the state will miss out on an estimated $9.2 million in revenue that it would otherwise collect. Sen. John Kerr said the lost revenue is no reason to consider eliminating the program because it helps families and children. (Copyright 2008 by The Associated Press. All Rights Reserved.)

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