Sales Tax Holiday Approaches

Date: July 16, 2014

Back-to-School Financial Help, August 2-4

NFIB members are reminded of the upcoming sales tax holiday in a couple of weeks.

According to the New Mexico Department of Taxation & Revenue, “The tax holiday begins at 12:01 a.m. on August 2, 2013 and concludes on August 4, 2013 at midnight. During that time the law provides a deduction from gross receipts for retail sales of qualifying tangible personal property; in effect allowing the retailer to sell the items 'tax free.' ” 

A list of that ‘qualifying tangible personal property’ can be found in the department’s news release announcing the holiday.

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