State's annual tax-free weekend starts Friday
FARMINGTON — People with a back-to-school shopping list will find greater savings on select items this weekend.
The state's annual tax holiday — which runs the first weekend every August — suspends gross receipts taxes on qualifying goods like clothing, school supplies and some computers.
This year, the holiday starts at 12:01 a.m. on Friday and runs until midnight on Sunday.
Minda McGonagle, the state director for the National Federation of Independent Business, said in a press release the state holiday is "a great tradition" that relieves some of the financial strain on people preparing for the upcoming school year.
"Parents can always use help with the expenses of raising children, as can young and not-so-young adults continuing their education," she said.
Price limits on qualifying items include:
- "Standard" school supplies — less than $30 per item
- Clothing and shoes — less than $100 per item
- Computers, tablets and notebooks — $1,000 or less
- Computer hardware — $500 or less
For a complete list of qualifying items, go to tax.newmexico.gov.
New Mexico is one of 16 states in the U.S. that holds the holiday, according to the national Federation of Tax Administrators.
For more information on the holiday, contact the local state tax office — 3501 E. Main St., Suite N in Farmington — at 505-325-5049.
James Fenton is the business editor of The Daily Times. He can be reached at 505-564-4621.