Back To School Tax Holiday Is Aug. 5-7 – Los Alamos Reporter

TAX & REVENUE DEPARTMENT NEWS RELEASE

 New Mexicans could possibly save as a lot as 9 p.c on many purchases this weekend through the annual back-to-school Gross Receipt Tax vacation. 

Businesses can deduct the gross sales of all kinds of merchandise made between 12:01 a.m. on Friday, August 5 and midnight on Sunday, August 7. That primarily permits them to promote qualifying merchandise tax free. Many retailers additionally soak up the tax on non-qualifying gadgets. 

 The Gross Receipts Tax in New Mexico ranges from 5 p.c to greater than 9 p.c, relying on location.  

 Internet-based gross sales of qualifying merchandise are eligible for the deduction. Retailers of any form are usually not required to take part. 

 “At a time when many New Mexicans are combating increased costs, this can be a nice alternative for New Mexicans to avoid wasting cash on garments and different issues they want for his or her households,” mentioned Taxation and Revenue Secretary Stephanie Schardin Clarke.  

Among the merchandise that may be offered tax-free this weekend are clothes and sneakers priced at lower than $100 per unit, computer systems priced underneath $1,000 and associated laptop {hardware} priced underneath $500. School provides underneath $30 per unit to be used in commonplace, general-education school rooms additionally qualify.  

More data is on the market in FYI-203,Gross Receipts Tax Holiday, which may be discovered within the publications folder of the Forms & Publications web page at tax.newmexico.gov.  

 The Taxation and Revenue Department estimates that buyers save about $4 million per yr on account of the tax- free vacation weekend.  

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