New Mexico’s annual Back-to-School Gross Receipts Tax Holiday begins at 12:01 a.m., Friday, Aug. 6, and continues through midnight on Sunday, Aug. 8.
During that time, the state allows merchants to deduct gross receipts taxes on a wide variety of retail merchandise, allowing back-to-school shoppers and others to purchase many items tax free.
The Taxation and Revenue Department estimates shoppers save about $4 million per year annually as a result of the annual tax- free holiday weekend.
“The annual back-to-school tax holiday is a great opportunity for families to get ready for the coming school year and save a little money in the process,” said Taxation and Revenue Department Secretary Stephanie Schardin Clarke.
While there are restrictions as to what qualifies for the tax holiday, merchants often absorb the tax on some non-qualifying items.
Among the merchandise that can be sold tax-free this weekend are clothing and shoes priced at less than $100 per unit, computers priced under $1,000 and related computer hardware priced under $500. School supplies under $30 per unit for use in standard, general-education classrooms also qualify.
The Valencia County News-Bulletin is a locally owned and operated community newspaper, dedicated to serving Valencia County since 1910 through the highest journalistic and professional business standards. The VCNB is published weekly on Thursdays, including holidays both in print and online.