New Mexico Offers Tax-Free Shopping for Back-to-School Weekend

From July 31 to August 2, New Mexico will hold a back-to-school tax holiday, allowing shoppers to avoid gross receipts tax (GRT) on select items. This initiative is significant as GRT rates in the state range from 5.25% to 9.44%, with an average of 7.11%. Eligible items include clothing under $100, computers up to $1,000, and general school supplies priced under $30. While participation from retailers is not mandatory, those opting out must charge tax on eligible items. This holiday provides a valuable opportunity for families preparing for the upcoming school year.

Key Details: • Tax holiday runs from 12:01 a.m. July 31 to midnight August 2. • Eligible items include clothing under $100 and computers up to $1,000. • Retailers can choose whether or not to participate in the tax holiday.