SANTA FE –Governor Bill Richardson today reminded
all New Mexicans that they will be able
to take advantage of the 4th annual tax holiday which
starts this Friday and runs through Sunday.
“In just a few years, the Back-to-School Tax Holiday
has grown in popularity becoming one of
the most anticipated events of the year,” Governor
Bill Richardson said. “This is an important savings
program for New Mexico families who are expected to
save an estimated $4.6 million
over the three-day holiday.”
Nontaxable items include: clothing and footwear this
is $100 or less; school supplies such as
pens and paper $15 or less; computers $1000 or less;
as well as assorted computer equipment
$500 or less. The price limits are for each item – not
the total amount spent for all purchases.
For example, a family could purchase three computers
tax-free as long as each computer does not exceed the
$1000.
Governor Richardson is also calling on lawmakers to pass
his CARE Package when they
convene for the special session in August. In the package,
the Governor is proposing expanding the Back-to-School
tax holiday starting next year to 10 days and increasing
the dollar limits on certain items.
Governor Richardson is also calling for
a one-time only, 10-day Tax Holiday for
the Holidays that would run November 28, 2008 through
December 7, 2008.
Details on the Back-to-School Tax holiday, including
which items are excluded from gross
receipts tax, can be found on the state Taxation and
Revenue web site:
http://www.tax.state.nm.us