Tax holiday will help shoppers, hit state coffers

Posted at: 07/31/2010 9:53 AM | Updated at: 07/31/2010 10:02 AM
By: Antoinette Antonio, Eyewitness News 4

New Mexico's tax-free holiday is next weekend, despite the fact that the state is trying to fill a $200 million budget deficit.

Governor Bill Richardson's office says the tax-free holiday typically saves New Mexicans about $4.5 million dollars each year.

That's money that won't go toward the multi-million dollar budget hole, but the Governor's office says New Mexicans need the savings now more than ever.

Shoppers who spoke to Eyewitness News 4 on Friday had different opinions on the tax-free holiday.

Shopper Claud Taylor says, "Giving money back to the people is a great thing, but if you're giving all the money back to the people what's taking care of your schools? How your teachers are getting paid and for me making sure the teachers get paid and the schools are taken care of is a little bit more important than saving a little bit on the the taxes."

"I think its probably essential that we keep the tax-free holiday and get these people out here shopping and spend the money so we can get some of the money back in the areas around town and the city and state as well and hopefully we can get the economy back on track," Shopper Mike Miller said.

Senator John Arthur Smith, chair of the finance committee, says no one's tossed around the idea of repealing the tax-free holiday.

But that doesn't mean it won't happen during the next legislative session.

The tax-free holiday is August 6-8.

> Tax holiday details
 

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