When it comes to Valentine’s Day, flowers are big business. To mark the day, here are a dozen fun facts about flowers and money.
When it comes to Valentine’s Day, flowers are big business. According to the annual survey released by the National Retail Federation and Prosper Insights & Analytics, consumers will spend $2.6 billion on flowers for their loved ones, making Valentine’s Day the number one holiday for florists and floral purchases.
To mark the day, here are a dozen fun facts about flowers and money.
1) Flower sales are taxable in most states. (Five states—Alaska, Delaware, Montana, New Hampshire, and Oregon—have no state sales tax). However, the rules for what is taxable may vary. For example, some states distinguish between cut flowers or those intended for replanting, as well as plants and seeds for non-commercial use. While the rules may differ regarding the imposition of tax, the sales tax rate is often determined by the destination—where the customer picks up a bouquet or has an arrangement delivered.
2) Some states, like California, may exempt certain plants and seeds used for human consumption—in other words, those you will eat. Some flowers that are considered edible include alliums, nasturtiums, marigolds, pansies, borage, chamomile, and squash blossoms. And while it could come down to an argument as to whether you’re going to eat a flower or use it as a decoration, some distinctions are pretty straightforward: broccoli florets, cauliflower florets, artichokes, and capers are all flower buds that you’d eat—and not see in a Valentine’s Day bouquet.
3) The U.S. Treasury used to sell flower bonds, sometimes called estate tax anticipation bonds. The bonds, introduced in the 1920s, were issued at an amount less than face value and would either mature on a specific date or at the bondholder’s death. Since there was no required holding period, they could even be purchased on the day of death. They were called flower bonds because they „flowered“ into maturity at death. As of the date of death, the estate received a step-up in basis to the total face value even if the bond was purchased at a discount—the gain was tax-free and could be used to pay estate taxes. The U.S. government stopped issuing flower bonds in 1971, though there were still outstanding bonds in the market. However, the 1976 tax reform laws required estates to pay capital gains tax on the difference between the purchase price and par value, making them less desirable.
4) Today, the red rose is the most popular flower for Valentine’s Day. But varieties of roses don’t just spring out of the ground. Some take years to develop. Reportedly, David Austin’s Juliet Rose is the most expensive rose ever developed, costing £2.
