STATE News:
SANTA FE — Gov. Susana Martinez announced today New Mexico’s annual back to school tax-free weekend, which aims to help families save money and prepare their students for the upcoming school year.
The tax holiday runs Aug. 3 through Aug. 5.
“Preparing to go back to school is expensive for families across New Mexico,” Martinez said. “Tax-free weekend is a great way for us to help families save their hard-earned money, as they equip their children for a successful school year.”
Friday through Sunday, vendors will not be required to collect gross receipts tax (GRT) from customers on certain back to school necessities, such as pens, pencils, computers and clothing.
Non-taxable items include:
- Clothing and footwear $100 or less;
- School supplies such as pens, paper and other classroom necessities $30 or less;
- Computers $1,000 or less; and
- Various computer accessories $500 or less.
Price limits are for each item, not the total amount spent for all purchases. The complete list of taxable and non-taxable items can be viewed online here. During the tax-free weekend, New Mexico law provides a deduction from gross receipts for retail sales of qualifying items; in effect allowing retailers to sell the items free of GRT.
All New Mexicans are able to take advantage of the tax-free weekend.
