The New Mexico Taxation and Revenue Department recently announced that, along with the Departments of Economic Development and Tourism, it is encouraging New Mexicans and visitors to support small businesses during the holiday season. New Mexico observes a Small Business Saturday tax holiday, suspending the collection of gross receipts tax on qualifying item sales at specific non-franchise small businesses with 10 employees or less.
“Small Business Saturday is a great opportunity for all of us to save a little money and support home-grown New Mexico businesses to grow our local economy,” said Taxation and Revenue Secretary Stephanie Schardin Clarke, according to a press release by the New Mexico Taxation and Revenue Department.
The New Mexico Tourism Department recently released its New Mexico True Certified holiday gift guide, featuring 130 locally crafted items across various categories. Also, the inaugural New Mexico True Certified Shop Local campaign highlights the craftsmanship of certified goods. The Saturday tax holiday begins on Nov. 25 at 12:01 a.m. and concludes at midnight. The tax-free status applies to a diverse range of merchandise, as the price is under $500 per item, according to the press release.
“More than fifty percent of New Mexico employees work for small businesses. Shopping at small businesses during the holiday season supports your neighbors, our state’s economy, and local communities,” said Acting Economic Development Department Secretary Jon Clark, according to the press release.
“We really wanted to put a concerted effort into reminding folks this holiday shopping season that they can find high-quality and authentic gifts made right here in New Mexico,” said Acting Tourism Secretary Lancing Adams, according to the press release. “When New Mexicans make the decision to shop local, they are uplifting the merchants, artists and creatives that power our small business ecosystem.”