What to know about back-to-school tax-free weekend in New Mexico
Leah RomeroLAS CRUCES – It’s time for the annual Back-to-School tax holiday weekend.
Tax-free shopping is set for Saturday and Sunday, Aug. 6-7, in New Mexico. The weekend, recognized annually, gives shoppers a break from paying taxes on common back-to-school items, such as clothes and electronics.
In New Mexico, shoppers don't have to pay gross receipts taxes, which can be anywhere from 5% to about 9% of purchases, depending on location, according to a news release from the New Mexico Taxation and Revenue Department.
Items that qualify for the tax holiday in New Mexico include clothes and shoes priced less than $100 per unit, computers under $1,000, related computer hardware under $500 and school supplies under $30 per unit. School supplies count if they are used in general education classrooms.
The tax and revenue department stated that, “many merchants also absorb the tax on non-qualifying items," though they are not required to do so.
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Purchases of qualifying items made online will also benefit from the tax holiday.
“At a time when many New Mexicans are struggling with higher prices, this is a great opportunity for New Mexicans to save some money on clothes and other things they need for their families,” said Stephanie Schardin Clarke, the state's tax and revenue secretary.
The department estimated that New Mexico shoppers save roughly $4 million each year due to tax-free weekend.
Tax-free weekend begins at 12:01 a.m. Aug. 5 and ends at midnight Aug. 7. Comprehensive lists of exempt and taxable items are available online at www.tax.newmexico.gov/news-alerts/tax-holiday.
Leah Romero is the trending reporter at the Las Cruces Sun-News and can be reached at 575-418-3442, lromero@lcsun-news.com or @rromero_leah on Twitter.