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It is that time of year again for the New Mexico Annual Tax Holiday.
The dates are Aug. 3-5 and it is a good time to purchase school supplies and clothing without paying tax.
The New Mexico Legislature established a deduction from gross receipts tax for retail sales of tangible personal property in 2005 and has continued it each year the first weekend in August.
This is possible because the retailers can deduct the gross receipts tax during this period and therefore can pass the savings onto you for a weekend of tax-free shopping.
The tax rate for Los Alamos is 7.3125 percent while Santa Fe City has a tax rate of 8.1875 percent.
It is important to understand that only certain items are tax-free. Clothing or shoes sold for less than $100 are tax-free, while athletic equipment will still be taxable.
The biggest savings might come from purchasing a desktop, laptop, notebook, or tablet computers that cost under $1,000 and any related monitor, speakers, printer, keyboard, microphone, or mouse sold for no more than $500. General school supplies that are used in standard classroom for educational purposes are tax free.
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