Changes Made to Gross Receipts Tax Holiday in New Mexico

Wednesday, August 1st, 2012

 
 
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New Mexico
General

New Mexico recently amended its Administrative Code to reflect changes to the annual Gross Receipts Tax Holiday. N.M. Bulletin No. 200.18 (Taxn. and Revenue Dept. Jul. 31, 2012). For the 2012 Gross Receipts Tax Holiday, purchases of school supplies that are under $30 per unit will qualify for the deduction. Previously, the limit on school supplies was under $15 per unit. Purchases of handheld calculators that are under $200 will also qualify for the deduction. Previously, the limit on handheld calculators was under $100. N.M. Admin. Code sec. 3.2.242.7.

Computers and related computer hardware also qualifies for the deduction, up to $1,000 for computers and $500 for hardware. For purposes of the deduction, e-readers will be included in the definition of "computers" if they have computing functions such as word processing, spreadsheet capabilities, etc. Tablet computers will also be considered "computers" for purposes of the deduction. N.M. Admin. Code sec. 3.2.242.16. Please note that e-readers that only have the ability to access the Internet but that have no other computing functions such as word processing, spreadsheet capabilities, etc., will not be considered "computers" and therefore do not qualify for the deduction. N.M. Admin. Code sec. 3.2.242.14.


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