N.M. -- Good news for people living in New Mexico. This weekend kicks off the annual New Mexico Gross Receipts Tax Holiday. This year it's August third through the fifth;, and if you have school-age children, it's nothing short of a bonanza.
For those unfamiliar with the weekend, the state suspends collection of gross receipts tax on sales of qualifying items, meaning the item is tax-free.
The tax holiday started at 12:01 a.m. Friday and end August 5th at midnight.
List of taxable and non-taxable items for New Mexico's Gross Receipts Tax Holiday contains list divided into categories, but please note that within some categories there is a set dollar maximum.
To qualify for the deduction, clothing or shoes must be priced at less than $100 per unit. The price limit for desktop, laptop, tablets or notebook computers is $1,000, and for related computer hardware it is $500. School supplies for use in standard, general-education classrooms must be under $30 per unit. There are items specifically excluded by statute in all categories. Those items are always taxable.
