It is that time of year again for the New Mexico Annual Tax Holiday.
This year it starts at 12:01 a.m. Aug. 3, and goes through Aug. 5 at midnight.
This is a great time to purchase school supplies and clothing without paying tax.
The New Mexico Legislature established a deduction from gross receipts tax for retail sales of tangible personal property in 2005 and has continued it each year the first weekend in August.
This is possible because the retailers can deduct the gross receipts tax during this period and therefore can pass the savings onto you for a weekend of tax-free shopping.