The bill amends Section 7-9-95 of the New Mexico Gross Receipts Tax law to change the timing and increase the limits of the back-to-school sale gross receipts tax deduction. The deduction period is now set to the last weekend in July, starting at 12:01 a.m. on the last Friday in July and ending at midnight on the following Sunday. Additionally, the sales price limits for qualifying items have been increased by fifty percent. Specifically, the limit for clothing and footwear has been raised from $100 to $150, while the limit for desktop, laptop, or notebook computers has increased from $1,000 to $1,500. The limit for associated devices such as monitors and printers has also been raised from $500 to $750.

The bill specifies that the deduction applies to certain tangible personal property sold during this designated period, including clothing, computers, and school supplies. However, it excludes specific items such as special athletic clothing, accessories, and various electronic devices not typically used for educational purposes. This legislative change aims to provide greater financial relief to families during the back-to-school shopping season by expanding the range of eligible items and increasing the price thresholds.

Statutes affected:
introduced version: 7-9-95