Coming soon to a retail store near you is the annual New Mexico Gross Receipts Tax Holiday. This year it’s August 6-8, and if you have school-age children, it’s nothing short of a bonanza. For that weekend the state suspends collection of gross receipts tax on sales of qualifying items so you can buy the items tax free. Because many merchants also absorb the tax on a number of non-qualifying items, you are the beneficiary all around. Please see the publication FYI-203, Gross Receipts Tax Holiday, for the scoop on this popular program that has been in effect since 2005.
