The 2012 New Mexico Gross Receipts Tax Holiday runs from Friday, August 3 until midnight on Sunday, August 5. It’s just in time for back-to-school savings: the following items are exempt from New Mexico gross receipts tax during the tax holiday:
- Clothing or shoes costing less than $100 per unit/per pair
- School supplies under $30 per unit
- Desktop, laptop, or notebook computers, including tablets, priced less than $1,000
- Other computer hardware priced under $500 (such as a printer, mouse, keyboard, monitor, microphone, speakers, ink cartridges etc.)
- Handheld calculators under $200 per unit
- Bookbags and school backpacks under $100 per unit
Exclusions include phones, cameras, PDAs, all MP3 players and iPods, games and computer games, and musical instruments. Those items are still taxable during the weekend.
The amount you save varies according to the gross receipts tax rate in your specific New Mexico location, but tax-free shopping is always good in my opinion! So if you have any qualifying items on your to-buy list, get out and shop this weekend, August 3 – 5, 2012.
See details on what you can buy tax-free and what you still have to pay tax on during the New Mexico Gross Receipts Tax Holiday at the link, where the New Mexico Taxation and Revenue Department has PDF files listing the various tax-free shopping items.
