This year’s Small Business Saturday tax holiday is Saturday, Nov. 27.
New Mexicans who do their holiday shopping at New Mexico-based businesses this Saturday will get the satisfaction of supporting their neighbors and maybe saving some money.
The Small Business Saturday tax holiday begins at 12:01 a.m. Saturday, Nov. 27, and ends at midnight the same day. For this one day, the state allows New Mexico-based businesses with no more than 10 employees to deduct gross receipts tax on sales of qualifying items. Businesses operating under a franchise agreement do not qualify for the tax holiday.
“This weekend’s tax holiday is one more good reason to shop local and support New Mexico-based businesses,” said Taxation and Revenue Secretary Stephanie Schardin Clarke. “New Mexico businesses need the support of local consumers more than ever.”
New Mexicans also can support local merchants and other local businesses through the 2021 New Mexico True Certified Gift Guide.
The holiday gift guide features nearly 100 New Mexico True Certified products from New Mexico businesses, such as:
- Chile products
- Snacks and other food products
- Fine art
- Self-care products
A wide variety of merchandise qualifies for tax-free status this Saturday — toys, games, electronics, books, sporting goods and more — as long as the price is under $500 per item. Gift cards do not qualify for the tax holiday under state law.
More information, including a complete list of items can be found at tax.newmexico.gov.