STATE News:
ALBUQUERQUE– Gov. Susana Martinez urges New Mexicans to take advantage of the upcoming Back-To-School Tax Free Holiday this weekend.
Martinez says parents, teachers, and students can purchase school supplies, clothing, computers, and other back-to- school items, without paying gross receipts tax. The Ninth Annual Tax Free Holiday starts 12:01 a.m. Friday, Aug. 2 and ends midnight Sunday, Aug. 4.
“The beginning of the school year can be an expensive time for parents, teachers and students,” Martinez said. “In these challenging economic times, this weekend will provide much-needed relief for New Mexicans as our children return to school. Most importantly, it will give them the opportunity to get the supplies they need for a successful school year at a lower cost than usual.”
During the tax free holiday, the State will not collect gross receipts taxes on dozens of back-to-school items. New Mexicans are expected to save up to $4 million on their purchases.
“This is a win-win situation for both our residents and businesses,” she said.
Hundreds of items purchased this weekend will not be taxed, but there are also certain limitations.
Some tax free items include:
- Articles of clothing, footwear and accessories (less than $100)
- Computers (up to $1,000) and computer-related items (up to $500)
- School supplies (under $30) and other school items, such as calculators ( under $200); and maps and globes (under $100)
A complete list of tax free items can be accessed on the New Mexico Taxation and Revenue Department website here.
