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Mon July 29, 2013
New Mexico's Annual Tax Holiday Starts Friday
New Mexico is offering shoppers a chance to save money on computers, school supplies and clothing from Friday to midnight Sunday.
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 printers, 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.
Copyright 2013 The Associated Press.