New Mexicans who do their holiday shopping at New Mexico-based businesses this Saturday will get the satisfaction of supporting their neighbors and saving money.
This year’s Small Business Saturday tax holiday begins at 12:01 a.m. Saturday, November 30 and ends at midnight the same day. For this one day, the state suspends collections of gross receipts tax on sales of qualifying items at businesses that have fewer than 10 employees and whose primary place of business is in New Mexico. Businesses operating under a franchise agreement do not qualify for the tax holiday.
All sorts of merchandise qualifies for tax-free status that day – toys, games, electronics, books, sporting goods and more – as long as the price is under $500 per item.
“This is a great opportunity for all of us to support home-grown, New Mexico businesses as we do our holiday shopping,” said Taxation and Revenue Secretary Stephanie Schardin Clarke.
A more complete list of items that qualify for the gross receipts tax deduction is available on the Taxation and Revenue Department website, tax.newmexico.gov. More specific information for small businesses about how to take the deduction is available in the CRS-1 Filers Kit.
New Mexicans are also encouraged to support local merchants and businesses through the 2019 New Mexico True Certified Gift Guide. The guide features over 70 New Mexico True Certified products from New Mexico businesses, such as:
- Chile products
- Snacks and other food products
- Fine art
- Self-care products
- And more
New Mexico Magazine has also published its own gift guide in its December 2019 issue. The guide features over 100 products and crafts from New Mexico merchants.
“New Mexico is home to many talented merchants and creatives who are contributing to our economy,” said Tourism Department Secretary Jen Paul Schroer. “Our holiday gift guides provide New Mexicans with the chance to discover all the great products and crafts made right here in New Mexico. This is a great opportunity for residents to support local products that are New Mexico True.”