Small Business Saturday tax holiday is Nov. 30

The New Mexico Departments of Economic Development, Tourism, and Taxation and Revenue encourage New Mexicans and visitors to shop at small businesses during the holiday season.

During the holiday giving season, it’s important to shop and dine at local small businesses first to support business owners, entrepreneurs, artists, growers, and makers who are growing their businesses and the local economy.

To support and encourage shop local efforts throughout New Mexico during the holiday season, the New Mexico Tourism Department (NMTD) recently published its annual New Mexico True Certified holiday gift guide. This year’s gift guide features 145 locally-grown and produced products from jewelry, fine art, apparel, home décor, snacks and more.

After launching its first-ever New Mexico True certified shop local campaign last year, NMTD will again run the campaign for the 2024 holiday season. The campaign proved to be wildly successful, generating 12,000 website referrals for participating businesses. The campaign will highlight the craft, care and artistry of New Mexico True certified goods.

Additionally, Nov. 30, 2024, is New Mexico’s Small Business Saturday Tax Holiday, when the state allows non-franchise, small businesses to deduct their sales of qualifying items from their gross receipts. The annual tax holiday begins at 12:01 a.m. and ends at midnight the same day.

A wide variety of merchandise qualifies for tax-free status, such as toys, games, electronics, books, sporting goods, and more — as long as the price is under $500 per item. Gift cards do not qualify.

A complete list of qualifying items is available on the Taxation and Revenue Department’s website, tax.newmexico.gov.

“Small business Saturday is a great opportunity for all of us to save a little money while also supporting our neighbors’ home-grown New Mexico businesses,” said Taxation and Revenue Secretary Stephanie Schardin Clarke.

“The SBA reports that 345,000 workers or 53 percent are employed in New Mexico’s small businesses,” said Economic Development Secretary-Designate Rob Black. “By shopping at small businesses during the holidays, we support these jobs, help our neighbors, and invest on our own communities.”