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HB 79 - Authorizes Sale of Goods Without Tax - New Mexico Key Vote

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Title: Authorizes Sale of Goods Without Tax

Vote Smart's Synopsis:

Vote to pass a bill that authorizes the sale of goods without a sales tax on December 1, 2018.

Highlights:

 

  • Authorizes that prior to July 1, 2020, receipts from the sale of items at retail to be deducted if the sales price is less than $500 (Sec. 1).

  • Requires that the sale must occur during the period beginning at 12:01 am on the first Saturday after Thanksgiving and ending at midnight on the same Saturday (Sec. 1).

  • Requires the department to compile an annual report on the deduction that should include the number of taxpayers that claimed deduction, the number of deductions claimed, and any other information necessary (Sec. 1).

  • Requires the department to present the annual report to the revenue stabilization and tax policy committee and the legislative finance committee (Sec. 1).

  • Requires this act take effect on July 1, 2018 (Sec. 2).

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