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.

Sign up for Kiplinger’s Free E-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
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Kate is a CPA with experience in audit and technology. As a Tax Writer at Kiplinger, Kate believes that tax and finance news should meet people where they are today, across cultural, educational, and disciplinary backgrounds.
-
‘Are You Better Off Than You Were 71 Days Ago?’ Cory Booker Marathon Senate Speech Highlights Tax Debate
Tax Policy A speech protesting Trump’s policies, including tax plans, breaks U.S. Senate records.
By Kelley R. Taylor Published
-
Stock Market Today: Stocks Are Mixed Before Liberation Day
Markets are getting into the freewheeling rhythm of a second Trump administration.
By David Dittman Published
-
U.S. Treasury to Eliminate Paper Checks: What It Means for Tax Refunds, Social Security
Treasury President Trump signed an executive order forcing the federal government to phase out paper check disbursements by the fall.
By Gabriella Cruz-Martínez Published
-
IRS Layoffs Spark Delays, Doubt This Tax Season
Tax Season Tax experts say Trump’s downsizing of the IRS is already causing problems.
By Gabriella Cruz-Martínez Last updated
-
States with the Highest Income Tax Rates for Retirees
State Tax You may reconsider living and retiring in one of these states due to high taxes.
By Kate Schubel Last updated
-
AI Tax Scams Target Middle and Older Adults: What to Know
Scams Whether you’re a retiree or Gen Z, scammers can gouge big financial losses with the help of artificial intelligence.
By Kate Schubel Published
-
Tax-Deductible Home Improvements for Retirement in 2025
Retirement Taxes Your aging-in-place plan could benefit from the medical expense tax deduction. But watch out for capital gains and property taxes.
By Kate Schubel Published
-
Don’t Make These Five Mistakes on Your Tax Return
Tax Filing The IRS warns taxpayers to watch out for these common errors as they prepare to file.
By Gabriella Cruz-Martínez Published
-
You Don’t Want to Retire in Portugal: Here Are Three Tax Reasons Why
Retirement Taxes With the NHR benefit retiring and pension taxes increasing, you might rethink your retirement plans in Portugal.
By Kate Schubel Published
-
Why Abolishing Florida Property Taxes is Problematic
Property Taxes A bold proposal that aims to eliminate property taxes in the Sunshine State has roused concerns from economists, and rightly so.
By Gabriella Cruz-Martínez Last updated