Non-taxable items for the tax-free holiday
Posted at: 07/30/2012 4:53 PM
By: KOB.com Staff
New Mexico's back to school tax-free holiday is coming up this weekend.
Non-taxable items include:
- Clothing and footwear $100 and under
- School supplies such as pens, paper, and other items typically used in a classroom setting $30 and under
- Computers $1,000 and under
- Assorted computer equipment $500 and under
Price limits are for each item, not the total amount spent for all purchases.
During the tax holiday, the law provides a deduction from gross receipts on qualifying items, effectively allowing retailers to sell the items "tax free."
Anyone can take advantage of this program to purchase qualifying items.