NFIB reminds its members in retail to examine what’s taxable and not during this weekend
As it does every year, the state of New Mexico offers a weekend holiday away from its Gross Receipts Tax to aid its citizens with school-age children.
This year, “The tax holiday begins at 12:01 a.m. on August 2, 2019 and concludes on August 4, 2019 at midnight,” informs a news release issued by the Department of Taxation and Revenue. “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.’ “
NFIB highly encourages its members in retail enterprises to acquaint themselves which items qualify and which don’t, a list of which can be found in the link on the department’s news release.
