Tax free holiday set for this weekend

Parents of school-age children can save on school supplies from Friday through Sunday during New Mexico’s annual Gross Receipts Tax Holiday, according to the New Mexico Tax and Revenue Department.

During the weekend, the state suspends collection of gross receipts tax on sales of qualifying items, school supplies mostly, so the items can be purchased tax-free. Many merchants also absorb the tax on a number of non-qualifying items, the tax department said.

The tax holiday begins at 12:01 a.m. on August 1, 2014 and concludes on August 3, 2014 at midnight, according to the tax department.

 

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