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.Legislation Overview:
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.Current Law:
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.