Back to School: Tax free weekend starts today

Back to School: Tax free weekend starts today

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back-to-school-shopping-tips-to-avoid-debt-woes_1From today through Sunday, vendors will not be required to collect gross receipts tax (GRT) from customers on certain back to school necessities, such as pens, pencils, computers, and clothing.

Non-taxable items include:

  • Clothing and footwear $100 or less
  • School supplies such as pens, paper, and other classroom necessities $30 or less
  • Computers $1,000 or less
  • Various computer accessories $500 or less

Price limits are for each item, not the total amount spent for all purchases. The complete list of taxable and non-taxable items can be viewed online here. During the tax-free weekend, New Mexico law provides a deduction from gross receipts for retail sales of qualifying items; in effect allowing retailers to sell the items free of GRT. All New Mexicans are able to take advantage of the tax-free weekend.

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