Local small businesses gear up for Small Business Saturday tax holiday

Organ Mountain News report

SANTA FE - New Mexicans are being encouraged to shop small and save big this holiday season, as state officials remind residents about the upcoming Small Business Saturday Tax Holiday on Nov. 30.

The tax holiday, which runs from 12:01 a.m. to midnight on Saturday, allows local, non-franchise businesses to deduct the sales of qualifying items from their gross receipts. Shoppers can enjoy tax-free purchases on items such as toys, electronics, books, and sporting goods, provided they cost less than $500. Gift cards, however, are not included in the tax exemption.

State leaders emphasize the importance of supporting small businesses during the holiday season.

“Small Business Saturday is a great opportunity to save money while supporting home-grown New Mexico businesses,” said Stephanie Schardin Clarke, secretary of the Taxation and Revenue Department.

According to Rob Black, secretary-designate of Economic Development, small businesses are the backbone of New Mexico’s economy, employing more than 345,000 workers — more than half of the state’s private workforce.

“When you shop small, you’re not just purchasing a gift; you’re investing in your neighbors, your community, and New Mexico’s future,” Black said.

Adding to the shop-local momentum is the New Mexico Tourism Department's annual New Mexico True Certified holiday gift guide. This year’s guide features 145 locally produced items, from fine art to home décor, showcasing the craftsmanship and creativity of local artisans. The department’s shop-local campaign, launched last year, has already driven more than 12,000 website referrals to small businesses.

“New Mexico is home to some of the most talented creators in the nation, and our shop-local campaign aims to shine a spotlight on their work,” said Acting Tourism Secretary Lancing Adams.

Beyond shopping, New Mexico’s MainStreet and Arts & Cultural Districts will host family-friendly holiday events designed to draw attention to local businesses and artists. Daniel J. Gutierrez, director of New Mexico MainStreet, said such initiatives keep money circulating within the community, bolstering the local economy and enhancing quality of life.

With a variety of events, promotions, and incentives, state officials hope New Mexicans will make a concerted effort to prioritize local businesses during this season of giving. For a complete list of tax-free qualifying items and more information about shopping local, visit the Taxation and Revenue Department's website.