The bill amends the existing law regarding the gross receipts tax deduction for back-to-school sales in New Mexico. It changes the designated period for this deduction from the first weekend in August to the last weekend in July. Additionally, the bill increases the sale price limits for qualifying items by fifty percent. Specifically, the sales price limit for clothing and footwear is raised from $100 to $150, for desktop, laptop, or notebook computers from $1,000 to $1,500, and for associated devices from $500 to $750.

These changes aim to provide greater financial relief to consumers during the back-to-school shopping period by allowing for a broader range of items to qualify for the tax deduction and extending the time frame for the sales event. The bill specifies that the deduction applies to certain tangible personal property, including clothing, computers, and school supplies, while excluding specific items such as athletic gear and electronics not typically used for educational purposes.

Statutes affected:
introduced version: 7-9-95