From 12:01 a.m. on July 31 through midnight on Aug. 2, retailers can choose to deduct GRT on specific merchandise, including clothing, computers and school supplies.
Source: New Mexico Taxation & Revenue Department
SANTA FE ─ New Mexico shoppers can skip paying gross receipts tax (GRT) on qualifying purchases from July 31 to Aug. 2 during the state’s annual back-to-school tax holiday.
From 12:01 a.m. on July 31 through midnight on Aug. 2, retailers can choose to deduct GRT on specific merchandise, including clothing, computers and school supplies. Participating retailers will not pass the GRT along to customers. Eligible tax-free items include:
- Clothing or shoes priced under $100
- Computers (including desktops, laptops, notebooks and tablets) priced up to $1,000 and computer accessories (including monitors, speakers, printers, keyboards, microphones and computer mice) priced up to $500
- General school supplies (including notebooks, paper, writing instruments, crayons, art supplies, rulers, staplers and staples, scissors and paper clips) priced under $30
- Backpacks, bookbags, maps and globes priced under $100
- Handheld calculators priced under $200
“This annual tax holiday is a great opportunity for parents and other New Mexicans to save money on important school supplies and resources,” said Taxation and Revenue Secretary Stephanie Schardin Clarke.
GRT rates range from 5.25% to 9.44% across New Mexico. The average statewide rate is 7.11%. Shoppers can find their local GRT rate using the department’s online GRT Location Code and Rate Finder Map.
Retailers are not required to participate in the tax holiday. Those who choose not to participate must pay tax on otherwise eligible sales and may recover their tax costs from customers.
More information is available online. A full list of taxable and nontaxable items is available in FYI-203, Gross Receipts Tax Holiday.
You must be logged in to post a comment.