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Coming this weekend to a retailer near you is the annual Gross Receipts Tax Holiday.
The back-to-school tax free event is worth between 5 percent and 8.5625 percent in savings and is limited to clothing costing less than $100, school supplies that cost less than $15, computers selling for less than $1,000 and other computer equipment with price tags of less than $500.
The tax holiday begins at 12:01 a.m. Friday and concludes at midnight Sunday and the New Mexico Taxation and Revenue Department calls it “nothing short of a bonanza” for parents with school-age children.
However, reviews are mixed as to whether this sales tax holiday has any real value.
Locally, CB Fox and Radio Shack are among retailers that embrace the practice. Aspen Copies & Office Supplies does not. Owners Dawn and James Cline opened their business in 1996 and have never participated in the annual event.
“It’s almost like it’s a gimmick to get people to go out and spend money,” James Cline said. “We don’t think it’s a big deal and since we’re not open on Saturday or Sunday anyway, we don’t participate.”
The tax holiday weekend is typically a busy one for CB Fox Department Store, David Volk said.
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