Sales and Use Tax. The State levies a general retail sales and use tax of 4.75%. The general rate applies to purchases of tangible commodities, certain digital property, room and cottage rentals, admission charges to an entertainment activity, service contracts, and laundry and dry cleaning services.
For the first time in U.S. history, the cost of manufacturing both a penny and a nickel is more than the 1-cent and 5-cent values of the coins themselves. Skyrocketing metals prices are behind the increase, the U.S. Mint said in a letter to members of Congress last week. The Mint estimates it will cost 1.23 cents per penny and 5.73 cents per nickel this fiscal year, which ends Sept. 30. The cost of producing a penny has risen 27% in the last year, while nickel manufacturing costs have risen 19%. BACKGROUND:A brief history of the penny.
For the past four years, it has cost the United States Mint more than face value to produce the penny and the nickel. The cost of the coins was recently 1.62 cents to produce each penny and 5.79 cents to produce each nickel. The United States Mint produces and issues coins for circulation, which are distributed through the Federal Reserve Banks in quantities needed to replenish inventories and meet the needs of commerce.