This bill amends Section 7-9-95 of the New Mexico Gross Receipts Tax law to increase the sale price limits for certain items eligible for the back-to-school gross receipts tax deduction. Specifically, the sales price limit for clothing and footwear is raised from $100 to $150, while the limit for desktop, laptop, or notebook computers is increased from $1,000 to $1,500. Additionally, the limit for associated devices such as monitors and printers is raised from $500 to $750. These changes aim to provide greater financial relief to families during the back-to-school shopping period.

The bill also clarifies that the deduction applies to sales occurring during a specified period, beginning at 12:01 a.m. on the last Friday in July and ending at midnight on the following Sunday. The effective date for these provisions is set for July 1, 2026. Overall, the bill seeks to enhance the existing tax deduction framework to better accommodate the rising costs of essential school items.

Statutes affected:
introduced version: 7-9-95