August 2-4, 2024
FOR IMMEDIATE RELEASE
Contact: Michael Coleman
Office of the Governor
Michael.Coleman@exec.nm.gov
Taxation & Revenue
Charlie.Moore@tax.nm.gov
July 30, 2024
Gov. Lujan Grisham reminds New Mexicans about Tax-Free Weekend
_New Mexicans can save 8% or more on purchases_
SANTA FE – Gov. Michelle Lujan Grisham is encouraging New Mexicans to
take advantage of the upcoming Back-to-School Tax-Free Weekend, which
could save shoppers as much as 8 percent or more on purchases.
“New Mexico families should be getting excited about the coming school
year without having to worry so much about being able to afford school
supplies and clothes for their children. Doing their shopping this
weekend can help with that,” said Gov. Lujan Grisham.
Businesses can choose to deduct the sales of various merchandise made
between 12:01 a.m. on Friday, August 2, and midnight on Sunday, August
4. That allows them to sell qualifying merchandise tax-free. Many
merchants also absorb the tax on non-qualifying items.
The Gross Receipts Tax in New Mexico ranges from 4.875 percent to more
than 9 percent, depending on local government rates in each location.
Internet-based sales of qualifying merchandise are eligible for the
deduction. Retailers are not required to participate.
“This is a great opportunity for New Mexicans to save some money on
clothes and other things they need for their families as children are
heading back to school,” said Taxation and Revenue Secretary Stephanie
Schardin Clarke.
Among the merchandise that can be sold tax-free this weekend are
clothing and shoes priced at less than $100 per unit, computers priced
under $1,000, and related computer hardware priced under $500. School
supplies under $30 per unit for use in standard, general-education
classrooms also qualify.
More information is available on the News & Alerts page [1] at
tax.newmexico.gov.
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Links:
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[1]
https://www.tax.newmexico.gov/news-alerts/small-business-saturday-tax-holiday/
