New Mexico to mark tax-free day on ‘Small Business Saturday’
SANTA FE, N.M. (AP) — New Mexico will mark its first “Small Business Saturday” tax holiday this weekend.
Gov. Susana Martinez made the announcement Wednesday, encouraging New Mexicans to support the state’s small businesses and use the tax-free day as an opportunity to save some money during the holidays.
Under a law passed this year and signed by the governor, businesses with 10 employees or fewer can sell goods on the Saturday following Thanksgiving without charging gross receipts tax.
The tax holiday covers sporting goods, clothing, artwork, musical instruments, furniture and more, as long as the cost does not exceed $500.
John Garcia is the director of the Small Business Administration for New Mexico. He tells the Albuquerque Journal that New Mexico supports about 154,000 small businesses. Those businesses employ nearly 330,000 workers.