SANTA FE, N.M. (AP) - New Mexico’s annual tax holiday will be extended for another five years under a measure signed into law Thursday by Gov. Michelle Lujan Grisham.
The legislation suspends the collection of gross receipts tax on the sale of qualified items at New Mexico businesses with fewer than 10 employees.
“Small Business Saturday has become a new tradition for many families during the holiday season,” the governor said. “It’s a great way to support home-grown New Mexico businesses and save money on holiday gifts.”
The tax holiday is reserved for the Saturday after Thanksgiving. This year it will fall on Nov. 28.
Toys, electronics, sporting goods and other categories of merchandise qualify for the tax-free status as long as individual items cost less than $500.
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