Tax-Free Weekend starts Friday
August 03, 2018 06:11 AM
ALBUQUERQUE, N.M. - Get ready to shop until you drop. It's officially Tax-Free Weekend in New Mexico.
“There's about 340,000 students in New Mexico that are attending public schools. That's a lot of families that'll benefit from this,” Reilly White, Assistant Professor of Finance at the University of New Mexico said.
From crayons to clothes to computers, those new school supplies in your cart will be tax-free this weekend.
“A five-percent sales tax holiday across the board, which is our state tax level can save families about 30 bucks on back to school expenditures, which is gas money for many families,” White said.
But also expect the unexpected. White said retailers know the holiday will bring a big crowd with big wallets, so they, too, will be slashing prices on everything from refrigerators to vacuums.
“It’s optional for retailers to extend it to additional things, but it’s not at the state level. Retails will eat that difference,” White said.
But like Black Friday, expect busy stores. Hate waiting in line? Try shopping online!
“So as we know, there was a big, large online retailers like Amazon started taking sales tax last year, but the sales tax holiday goes for them as well, So you can see it through your favorite online retailer's website, you can also extract that benefit,” White said.
The tax holiday went into effect at midnight and ends Sunday at midnight. For a full list of qualifying items go to http://www.tax.newmexico.gov/tax-holiday.aspx.
Created: August 03, 2018 06:11 AM
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