Georgia nixes back to school tax holiday

What started as an experiment in 2002 is now an annual ritual. In states across the country, parents wait anxiously, school supply list in hand, for a "sales tax holiday" to make the cost of back-to-school shopping a little more bearable. This year, however, some shoppers are finding out that a declining economy means that returning to school will be more expensive.

Georgia has become the first (and so far, only) state in the country to announce that the popular tax break won't be available in 2010. The looming $2 billion hole in the state's budget was the primary factor in the decision not to offer the holiday in 2010. The holiday, usually held over the last weekend in July, has generated a loss for the state in terms of revenue dollars each year, according to legislators.