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New Mexico's annual tax holiday starts Friday

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SANTA FE, N.M. (AP) — New Mexico is offering shoppers a chance to save money on computers, school supplies and clothing from Friday to midnight Sunday.

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During the annual tax holiday, there's no gross receipts tax on certain products purchased at participating retailers.

The tax rate varies across the state, but exceeds 8 percent in some communities.

No tax will be imposed on computers up to $1,000, including tablets; and computer hardware, such as a printer, that costs no more than $500.

Also tax-free are school supplies under $30 and certain clothing and shoes up to $100.

Cell phones, iPods, and MP3 players are subject to taxation.

The conservative think tank Tax Foundation says tax holidays don't stimulate economic growth and are a political gimmick.

Note: The Los Alamos Monitor publishes the annual Back to School special section this Wednesday in advance of tax-free weekend. The section will be delivered to most homes in Los Alamos and White Rock as part of a Total Market Circulation distribution.