Unlock Savings: New Mexico’s Small Business Saturday Tax Holiday Awaits!
As the turkey leftovers dwindle and the holiday season kicks into high gear, many Americans flock to stores on the Saturday after Thanksgiving, hunting for fantastic deals on gifts. But here’s a gem you might not know: New Mexico offers a tax holiday on that very day! Imagine wrapping up your holiday shopping while enjoying some incredible tax savings and giving a boost to local businesses—all in one go!
This year, New Mexico is rolling out the red carpet for savvy shoppers, allowing you to snag a variety of must-have items without the usual state tax. We’re talking toys, games, cookware, books, electronics, and so much more—all tax-free!
However, it’s essential to keep an eye on which items qualify and be mindful that local taxes may still apply. Let’s dive into the details of New Mexico’s gross receipts tax holiday, so you’re fully equipped for your shopping spree!
Mark Your Calendars: New Mexico’s Tax-Free Weekend in 2024!
Get ready for the big day! The New Mexico tax holiday kicks off at 12:01 a.m. on Saturday, Nov. 30th, 2024, and wraps up at midnight the same day. That’s right—during this golden window, you can shop for qualifying items and enjoy a break from the usual 5.125% gross receipts tax, with savings of up to $25 on each eligible purchase.
Do note, though, that not every store might join in on the fun.
Who’s Joining the Small Business Saturday Fun in New Mexico?
If you love supporting local entrepreneurs, Small Business Saturday is your moment to shine! To be part of this exclusive sale, businesses must:
- Employ ten or fewer staff members
- Primarily operate within the enchanting borders of New Mexico
- Not be a franchisee (sorry, no chain stores like Big Frog Custom T-Shirts or Circle K)
The New Mexico Tourism Department even curates an annual holiday gift guide featuring 145 unique products, from stunning art pieces to cozy home decor!
However, watch out—some goodies like snacks might not make the cut for tax-free shopping. Keep reading to find out what items are included!
Your Tax-Free Shopping List: What’s Included in New Mexico’s 2024 Holiday?
As you plan your shopping strategy for that Saturday, remember that only purchases under $500 will qualify for tax relief. Good news! Some previously excluded items from August’s tax holiday are now eligible. For instance, you can score savings on watches, jewelry, handbags, and musical instruments!
Other tax-exempt treasures include:
- Toys and games for endless family fun
- Clothing, footwear, and sporting goods
- Bags, luggage, and backpacks for your adventures
- Bedding, towels, and beauty products
- Video games and gaming systems
- Cookware and small kitchen appliances
- Electronics, including computers, phones, and tablets
And if you’re in the market for furniture or art supplies, those can be tax-free too, provided you’re under that $500 threshold. For a comprehensive listing of qualifying items, check out the state’s official bulletin.
What’s Not Included in New Mexico’s Small Business Saturday Tax Holiday?
While the list of eligible items is impressive, there are a few exclusions. Any items priced at $500 or more, even if they fall within eligible categories, won’t qualify for tax-free shopping this Saturday.
Additionally, the following items won’t receive tax relief:
- Snacks, soft drinks, or chocolate (although New Mexico typically doesn’t tax most groceries!)
- Gift cards of any kind
- Online orders unless the business is locally based and ships directly to a New Mexico address
Even though the 5.125% gross receipts tax will be waived, be aware that local taxes might still apply—sometimes reaching up to 3.94% in certain areas.
In the end, the Small Business Saturday Tax Holiday presents a fantastic opportunity to save money while uplifting smaller, local businesses. As the Economic Development Secretary-Designate wisely stated, “The SBA reports that 345,000 workers, or 53%, are employed in New Mexico’s small businesses. By shopping local during the holidays, we support these jobs and invest in our communities.”
