El Paso residents can save during tax-free weekends in NM and Texas

EL PASO, Texas (KTSM) – One of the great things about living in the El Paso and Las Cruces area is that you two ways to save money when buying school supplies for your kids.

If you’re willing to drive a little, you can take advantage of tax-free weekends in two states to prepare your children for the new school year.

In New Mexico, the annual back-to-school tax-free holiday runs from 12:01 a.m. on Friday, August 2, through midnight on Sunday, August 4.

The Texas Sales Tax Holiday begins on Friday, August 9 and lasts until midnight on Sunday, August 11.

In New Mexico, you can save on paying gross receipts tax on qualifying items. The gross receipts tax is the equivalent of the New Mexico sales tax.

According to the NM Taxation and Revenue Department, clothing and shoes generally must cost less than $100 each to qualify for the tax deduction.

The price limit for desktops, laptops, tablets and notebooks is $1,000 to qualify for the tax deduction. For related computer hardware, the limit is $500.

School supplies used in “standard, general classrooms” should be of good quality and cost less than $30 each.

There are items in several categories that are specifically excluded. You can click here to learn more about New Mexico tax-free weekends and what qualifies for the tax deduction.

In Texas, most clothing, shoes, school supplies, and backpacks (sold for under $100) qualify for a tax break during Texas’ tax-free weekend.

According to the Texas Comptroller’s Office, you can save about $8 on every $100 you spend.

“For a quarter century, Texas residents have saved more than $1.8 billion on everything from jeans to ballpoint pens in preparation for the start of the school year,” said Comptroller Glenn Hegar of the sales tax holiday weekend, an annual event since 1999. “As a father of three, I know firsthand how these expenses add up over the years, and this weekend is the perfect time for people to save some of their hard-earned money on the items they need.”

The GOP estimates that consumers will save $143.4 million in state and local sales taxes during the tax holiday this year.

Click here for more information about a Texas tax-free weekend, including a list of eligible items in various categories.