New Mexico Tax-Free Shopping Weekend: Gross Receipts Tax Holiday August 2-4, 2024
Get ready for a shopping spree during the annual New Mexico Gross Receipts Tax Holiday! If you have school-age children, this event is a fantastic opportunity to make the most of tax-free shopping. The state will suspend the collection of gross receipts tax on qualifying items, making your purchases tax-free. Plus, many merchants absorb the tax on non-qualifying items, maximizing your savings.
Key Details:
- Dates: The tax holiday starts at 12:01 a.m. on Friday, August 2, 2024, and ends at midnight on Sunday, August 4, 2024.
- What’s Included: The holiday allows for a deduction from gross receipts on retail sales of qualifying tangible personal property, effectively letting you buy items tax-free.
Categories and Limits:
- Clothing and Shoes: Items priced at $100 or less per unit are eligible for the deduction.
- Computers and Hardware: Desktop, laptop, tablet, or notebook computers must be priced at $1,000 or less, and related computer hardware can be up to $500.
- School Supplies: Supplies for standard, general-education classrooms must be priced at $30 or less per unit.
Exclusions:
- Some items are explicitly excluded from the tax holiday by statute and remain taxable. Always check the specific exclusions.
For more detailed information on legislation, including definitions, types of sales, and specifics about rain checks, exchanges, refunds, gift cards, layaways, and online orders, refer to FYI-203, Gross Receipts Tax Holiday.
Don’t miss out on this chance to save on essential items for the upcoming school year and beyond!
