New Mexico is gearing up for its annual tax-free holiday weekend, providing a significant opportunity for families to save on school supplies as students prepare to return to classrooms. The event will take place from July 25 to July 27, coinciding perfectly with the back-to-school rush.
During this tax holiday, the state will suspend the collection of gross receipts tax on eligible sales, making various back-to-school items tax-free. Parents and students can take advantage of this initiative to shop for necessary supplies without the added tax burden.
To qualify for the tax exemption, items must meet specific criteria:
– Shoes or clothing must be priced below $100 per unit.
– Desktop computers, laptop computers, and tablets or notebook computers are eligible up to $1,000.
– Computer hardware can be taxed-free if it costs up to $500.
– School supplies used for standard general education classrooms must be priced under $30 per item.
Families can maximize their savings by taking full advantage of this event, ensuring they have everything they need as the new school year begins. For a comprehensive list of qualifying items, shoppers are encouraged to check local resources.
This tax-free weekend not only helps ease the financial burden of school preparations but also promotes local shopping, benefiting the community as a whole.