Gross Receipts Tax Exemption Will Make it Easier for Teachers and Families to Purchase School Supplies from August 5-7
SANTA FE – Governor Susana Martinez kicked off New Mexico’s tax-free weekend today with a visit to Target in Santa Fe along with several children who are part of summer programs at the Santa Fe Boys and Girls Club. The tax-free weekend, which will take place from August 5th through 7th, will give teachers and families the ability to purchase back-to-school supplies at a lower cost thanks to a Gross Receipts Tax exemption. Tax-free weekend generally applies to school supplies, clothing and shoes, and computers and computer equipment. Governor Martinez was also joined by Public Education Secretary-designate Hanna Skandera, Higher Education Secretary Jose Garcia, and Taxation and Revenue Deputy Secretary John Monforte.
“The beginning of the school year can be an expensive time for parents, teachers and students,” said Governor Martinez. “In these challenging economic times, this weekend will provide much-needed relief for New Mexicans as our children return to school. Most importantly, it will give them the opportunity to get the supplies they need for a successful school year at a lower cost than usual.”
Items that qualify for this gross receipts exemption include:
- School supplies
- Clothing and shoes $100 and under
- Computers $1,000 and under; and
- Associated computer equipment $500 and under
A full list of exempt products can be found on the Taxation and Revenue Department’s website at http://www.tax.newmexico.gov.