December 27, 2024
Tax

What to know about tax free weekend in New Mexico


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Tax free weekend in New Mexico begins at 12:01 a.m. on Friday, Aug. 2 and runs through Saturday, Aug. 4 at midnight.

The gross receipt tax exception applies to eligible items in several categories, according to the New Mexico Taxation and Revenue Department.

“For that weekend the state suspends collection of gross receipts tax on sales of qualifying items so you can buy the items tax free,” according to the department website.

Below is a list of eligible and non-eligible items.

Are there price restrictions on items?

Within certain categories there are set dollar maximums.

Clothing must be priced less than $100 per unit. Electronic devices – desktop, laptop, tablets or notebook computer – is $1,000 per unit. Other related technology hardware is $500.

School supplies must be under $30 per unit.

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What items are eligible?

School supplies normally used by students in a standard classroom are eligible for tax free weekend. That includes notebooks, paper, writing tools and art supplies and desk supplies.

Bookbags, backpacks are also eligible. Calculators under $200 are eligible.

Clothing or shoes sold for less than $100. That includes jackets, jeans, footwear, underwear and tops.

Computer devices – laptops, notebooks and tablets- and accessories such as monitors, printers an speakers.

Other eligible items include:

  • Baby clothes and diapers
  • Bowling shoes and shirts
  • Bridal apparel, gowns and veils
  • Cowboy boots, golashes
  • Prom dresses
  • Zip drives

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What purchases are ineligible?

Ineligible purchases are clearly defined by the New Mexico statute.

Among the items not eligible for the tax exclusion are:

  • E-readers
  • Recorders, cameras
  • Musical instruments
  • Video games, online games
  • Athletic protective gear
  • Luggage
  • Specialty footwear

What about rain checks?

If an eligible item is out of stock or sold out, a rain check is honored if the purchase is made during the holiday weekend.

Refunds and exchanges

According to the Taxation and Revenue Department:

  • Property sold at retail locations during the holiday and exchanged at a later date for an item of the same price remains deductible.
  • Any item purchased during the weekend and exchanged later for an item of greater or lesser value is subject to tax.

Internet, mail and telephone sales

Eligible purchases must:

  • Be both delivered and paid for by the customer during the tax holiday.
  • Customer orders and pays for item and retailer accepts order during the tax holiday.

See the complete list on the New Mexico Department of Taxation and Revenue.



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