Changes Made to Gross Receipts Tax Holiday in New Mexico

Wednesday, August 1st, 2012

 
 
Share
Link
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.


About TTR

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.

Service Repairs to Petroleum Storage Tanks Exempt in...

Friday, January 18th, 2019 -Louisiana's Board of Tax Appeals recently ruled that repairs on petroleum storage tanks were not taxable. ...

Nevada Exempts Feminine Hygiene Products in 2019

Wednesday, January 16th, 2019 -Last year, Nevada voters approved via ballot measure changes to the Sales and Use Tax Act of 1955. Voters amen...

Cleaning of Beer-Tap Lines Not Taxable in Ohio

Monday, January 14th, 2019 -The Supreme Court of Ohio recently ruled that cleaning beer-tap lines is not taxable. The taxpayer was...

Louisiana Court of Appeals Finds Marketplace Facilitators...

Friday, January 11th, 2019 -The Louisiana Court of Appeals has recently addressed the sales tax liability of marketplace facilitators. A c...

Iowa Supreme Court Determines Taxable Carpentry Services...

Wednesday, January 9th, 2019 -The Iowa Supreme Court has recently addressed the taxability of various installation services. The taxpayer wa...

Tax Applies to Metallurgical Coke in Illinois

Monday, January 7th, 2019 -Illinois recently ruled that use tax was due on purchases of metallurgical coke. The taxpayer was a business t...