New Mexico Announces Dates for Upcoming Gross Receipts Tax Holiday
Thursday, July 19th, 2012
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:
- Clothing or shoes sold for less than $100; however, note that accessories and special clothing as well as footwear primarily designed for athletic activity or protective use not normally worn beyond the scope of athletic activity or protective use remain taxable.
- Desktop, laptop, notebook, or tablet computers sold for no more than $1,000 and any associated equipment (such as monitors, speakers, printers, etc.) sold for $500 or less.
- School supplies students normally use in a standard classroom for educational purposes.
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.
Transaction (buying or selling things), Tax (the tax on this activity), Resources (our people, our website, our support services) - TTR, Inc.
TTR has a website that companies subscribe to and use daily. This website provides a list of everything that can be bought or sold in the U.S. It provides simple answers to whether buying or selling these items is taxable (subject to a sales tax or other tax), and it provides all the legal authority to support these tax answers.
TTR likes to keep things simple and fun, which is why it has great people who provide help to clients on any support questions they have about transaction tax issues.
Please visit TTR on the web at www.ttrus.com or call 866.578.8193.
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