NFIB encourages its New Mexico members to read what qualifies and what doesn’t
SANTA FE, N.M., Aug. 6, 2021—New Mexico is once again offering its citizens a brief holiday from paying some sales taxes on goods, mainly to help parents get their children the supplies they need for the upcoming semester.
One of only 17 states to offer such a break, the New Mexico Gross Receipt Tax Holiday has been an annual tradition for 16 years. This year’s sales tax holiday began at 12:01 a.m. this morning and concludes on August 8, 2021 at midnight, according to the state Taxation & Revenue Department.”
Some of the things the tax break can be used for, according to the Sales Tax Institute, are on:
- Clothing and footwear items less than $100 per item
- School supplies less than $30 per item
- Computers, e-readers that have computing functions, and tablets – $1,000 or less per item
- Certain computer related items – $500 or less per item
- Book bags, backpacks, maps and globes less than $100 per item
- Handheld calculators less than $200 per item.
“There are plenty of exceptions, limitations and qualifications, so I would especially encourage small-business owners, who don’t have the accounting staffs big businesses do, to examine the department’s list of taxable and nontaxable items before making any assumptions,” said Jason Espinoza, New Mexico state director for the National Federation of Independent Business (NFIB), the nation’s leading small-business association.
Still, Espinoza added, “this is a good thing for the state to do, helping not only spur sales but keep doors open and people employed. Running a small business is a tough job even in the best of times.”
According to the U.S. Small Business Administration’s Office of Advocacy State Profile of New Mexico, there were 156,996 small businesses in the state employing 339,731 workers.
Keep up with the latest on New Mexico small-business news at www.nfib.com/new-mexico.
For more than 77 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven association. Since its founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
NFIB New Mexico