According to koat New Mexico’s annual Gross Receipts Tax Holiday is just around the corner, offering residents a chance to make tax-free purchases. This year, the tax holiday will begin at the start of Friday, August 2, and will run through the end of Sunday, August 4. The timing is perfect for families preparing for the back-to-school season.
During this special weekend, the state will temporarily suspend the collection of gross receipts tax on eligible sales, allowing residents to shop for certain items without paying the usual tax. The New Mexico Taxation and Revenue Department has released guidelines outlining which transactions will be exempt and which will still be subject to tax.
Certain categories of items will benefit from this tax-free period, though there are limits to qualify. For instance, clothing and shoes will be exempt from gross receipts tax as long as each item costs less than $100. Similarly, purchases of desktops, laptops, and tablets will also be tax-free, provided each item is priced below $1,000.
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This tax holiday presents a valuable opportunity for New Mexicans to save on back-to-school essentials and other qualifying items. Be sure to check the Taxation and Revenue Department’s guidelines to ensure your purchases meet the criteria for tax exemption during this weekend.
