SB 54 SCHOOL GROSS RECEIPTS WEEKEND DATES

Sen Harold James Pope

Actions: [1] SCC/STBTC/SFC-SCC

Scheduled: Not Scheduled

 Senate Bill 54 amends Taxation to change the date of the Back-to-school Sale gross receipts tax deduction to the last weekend in July and increases the sale price limits for clothing and computers by 50 percent. 
 

 Senate Bill 54 (SB 54) in Section 1 amends Taxation Section 7-9-95 NMSA 1978 (being Laws 2005, Chapter 104, Section 25) to change the date of the Back-To-School Sale gross receipts tax deduction to the last weekend in July. 

SB 54 Subsection A increases by 50 percent the sale price limits of an article of clothing or footwear from $100 to $150. Subsection B increases by 50 percent the sale price limits of a desktop, laptop or notebook computer from $1,000 to $1,500 and to increase by 50 percent the sale price limit on any associated device from $500 to $750. 
 

 Senate Bill 54 currently specifies that Back-To-School Sale gross receipts tax deduction applies from the the first Friday in August. Current statute sets the sale price limits of an article of clothing or footwear at $100. Desktop, laptop or notebook computers have sale price limits of $1,000 and associated devices for computers are limited to $500.