The New Mexico Taxation and Revenue Department recently released updated guidance regarding the annual gross receipts tax holiday. N.M. Publication FYI-203 (Taxn. and Revenue Dept. July 2012). The 2012 gross receipts tax holiday is set to begin on Friday, August 3rd at 12:01 a.m. and end on Sunday, August 5th at midnight. The following items are exempt from tax during this time:
Eligible items qualify for the exemption if the customer purchases the property during the tax holiday. Qualifying items purchased over the Internet will also be exempt from tax if (1) the item is both delivered to and paid for by the customer during the exemption period; or (2) the customer orders and pays for the item and the seller accepts the order during the exemption period for immediate shipment, even if delivery is made after the exemption period.