STATE News:
ALBUQUERQUE — Gov. Susana Martinez has announced New Mexico’s annual back to school tax-free weekend and encourages families to take part in order to save them money and prepare their children for the upcoming school year.
“Families across the state know how expensive it can be to get kids ready for school, and this is a great way for them to save money,” Martinez said. “Our tax-free weekend can help families make sure that they send their students off to school with everything they need so they’re ready to learn.”
Vendors will not be required to collect gross receipts tax (GRT) from customers Through today 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.
