N.M. Tax Free Weekend

New Mexico’s Back-to-SchoolTax Free weekend starts today (Friday).

The tax free weekend could save shoppers  8 percent or more on their purchases.

A news release states, businesses can choose to deduct the sales of various merchandise made between 12:01 a.m. on Friday, Aug. 4, and midnight on Sunday, Aug. 6. That allows them to sell qualifying merchandise tax-free.

The Gross Receipts Tax in New Mexico ranges from 4.875% to nearly 9%, depending on location. Internet-based sales of qualifying merchandise are eligible for the deduction. Retailers are not required to participate…