New Mexico Small Business Saturday Tax Holiday 2024
Here's how you can save on taxes during New Mexico’s Small Business Saturday.
Every year, many folks shop on the Saturday after Thanksgiving to save on gifts. But did you know that New Mexico has a tax holiday that day? This means you could get your seasonal shopping done, support small businesses, and dip into some sweet tax savings — all at the same time.
New Mexico offers state-tax-free access to a wide variety of products. Savvy shoppers can enjoy tax relief on toys, games, cookware, books, electronics, and more.
But there are caveats regarding included items and local taxes may still apply. So, here’s what to know about the New Mexico gross receipts tax holiday.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
When is the New Mexico tax-free weekend in 2024?
The November tax holiday in New Mexico ran from 12:01 a.m. Saturday, Nov. 30th, 2024, through midnight Saturday, Nov. 30th, 2024.
During that time, you could buy qualifying items exempt from the state’s usual 5.125% gross receipts tax; up to $25 off per qualified purchase.
However, not all businesses can participate.
Which businesses participate in NM Small Business Saturday?
As the name suggests, only smaller retailers may be eligible for Small Business Saturday. To participate, a business must:
- Have ten or fewer employees
- Primarily operate in New Mexico
- Cannot be a franchisee (i.e. part of a larger organization, like Big Frog Custom T-Shirts or Circle K)
To help shoppers support local businesses, the New Mexico Tourism Department publishes an annual holiday gift guide showcasing 145 products ranging from fine art to home decor.
Yet some items on the list, like snacks, may be excluded from the holiday. Read on for qualifying items.
New Mexico Small Business Tax Holiday: What's included?
When shopping, pay attention to the dollar amount of your purchase. Generally, only sales under $500 may be eligible for tax relief.
That said, you can save on some purchases that you couldn't save on during the state’s sales tax holiday held in August. For example, watches and jewelry were included in the November holiday, as well as handbags and musical instruments.
Other items state tax-exempt items included:
- Toys and games for children and families at play
- Clothing, footwear, and sporting goods
- Luggage, book bags, and backpacks
- Bedding, towels, and cosmetics
- Video games and gaming consoles
- Cookware and small home appliances for residential use
- Electronics including computers, phones, tablets, and related accessories
You could also save tax on furniture and art supplies as long as the purchase is under the $500 limit. For a complete list of qualifying items, see the state’s bulletin.
What’s not included the November tax holiday?
While several categories of items are included in the New Mexico tax holiday, some are not. Any item $500 or over, even in a qualifying category, cannot be tax-free this Saturday.
Additionally, sales of the below products may not be eligible for tax relief:
- Snacks, soft drinks, or chocolate (However, New Mexico does not impose a state tax on most groceries)
- Gift cards of any kind
- Online sales (unless the business is primarily situated in New Mexico AND the product(s) are delivered to a New Mexico address)
Also, while the 5.125% gross receipts tax may be deducted during this time, you could still pay local tax on otherwise eligible items. These taxes can be as high as 3.94% in some areas.
But overall, the Small Business Saturday Tax Holiday is another opportunity to save some money while supporting smaller businesses.
As Rob Black, Economic Development Secretary-Designate said in a press release, “The SBA [Small Business Administration] reports that 345,000 workers or 53% are employed in New Mexico’s small businesses. By shopping at small businesses during the holidays, we support these jobs, help our neighbors, and invest on our own communities."
Related Content
-
Your Guide to Buying Art OnlineFrom virtual galleries to social media platforms, the internet offers plenty of places to shop for paintings, sculptures and other artwork without breaking the bank.
-
Samsung Galaxy S25 Ultra for $4.99 a Month: A Closer Look at Verizon’s DealVerizon’s aggressive pricing makes Samsung’s top-tier phone tempting, but the real cost depends on your plan and how long you stay.
-
I'm 59 with $1.7 million saved and lost my job. Should I retire?We asked professional wealth planners for advice.
-
Retirees in These 7 States Could Pay Less Property Taxes Next YearState Taxes Retirement property tax bills could be up to 65% cheaper for some older adults in 2026. Do you qualify?
-
Estate Tax Quiz: Can You Pass the Test on the 40% Federal Rate?Quiz How well do you know the new 2026 IRS rules for wealth transfer and the specific tax brackets that affect your heirs? Let's find out!
-
5 Types of Gifts the IRS Won’t Tax: Even If They’re BigGift Tax Several categories of gifts don’t count toward annual gift tax limits. Here's what you need to know.
-
The 'Scrooge' Strategy: How to Turn Your Old Junk Into a Tax DeductionTax Deductions We break down the IRS rules for non-cash charitable contributions. Plus, here's a handy checklist before you donate to charity this year.
-
Are You Middle-Class? Here's the Most Tax-Friendly State for Your FamilyTax Tips We found the state with no income tax, low property tax bills and exemptions on groceries and medicine.
-
Social Security Benefits Quiz : Do You Know the IRS Tax Rules?Quiz Social Security benefits often come with confusing IRS tax rules that can trip up financially savvy retirees and near-retirees.
-
How Are I Bonds Taxed? 8 Common Situations to KnowBonds Series I U.S. savings bonds are a popular investment, but the federal income tax consequences are anything but straightforward.
-
Capital Gains Tax Quiz: How Well Do You Really Know IRS Investment Tax Rules?Quiz Take our capital gains tax quiz to test your investment taxes knowledge. Learn about loss rules, holding periods, and tax incentives that could impact your savings.
