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.
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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."
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