Small Business Saturday tax holiday is November 30
SANTA FE, N.M. — 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.
“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% 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 in our own communities.”
“New Mexico is home to some of the most talented artists and creators out there, but they don’t always have the resources to promote their products,” said Acting Tourism Secretary Lancing Adams. “This New Mexico True Certified shop local campaign was inspired one year ago through the belief that we can help New Mexicans support our economy by shopping local for the holidays, and we’re thrilled to bring this campaign back for another year.”
“New Mexico’s MainStreet and Arts & Cultural districts invite you to their family-friendly holiday activities which support local small businesses and artists. All year long, we work to support district initiatives that grow the local economy and keep dollars in New Mexico where they recirculate and strengthen our communities,” said New Mexico MainStreet Director Daniel J. Gutierrez.
Shopping locally is important because small businesses create jobs in the community, and they’re also more likely to give to community charities. Money spent locally recirculates and strengthens the local tax base, which supports community services. Finally, a vibrant local economy improves the quality of life for the whole community.
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The New Mexico Economic Development Department’s (EDD) mission is to improve the lives of New Mexico families by increasing economic opportunities and providing a place for businesses to thrive. EDD’s programs contribute directly to this mission by training our workforce, providing infrastructure that supports business growth, and helping every community create a thriving economy.
Learn more at edd.newmexico.gov.
The New Mexico Tourism Department (NMTD) is the statewide agency tasked with promoting New Mexico for leisure travel and driving visitation to the state. The Tourism Department plans, produces, and monitors national marketing and advertising campaigns through the award-winning New Mexico True brand. The Tourism Department also manages grant programs and other services that strive to empower communities with the resources and technical expertise to develop and promote tourism for their own community.
The Tourism Department also manages New Mexico Magazine, a monthly publication dedicated to covering New Mexico’s multicultural heritage, arts, environment, creatives and diverse people. In addition, the Tourism Department operates four visitor information centers located in Santa Fe, Lordsburg, Glenrio and Manuelito. Learn more at newmexico.org.
The Taxation and Revenue Department serves the State of New Mexico by providing fair and efficient tax and motor vehicle services. It administers more than 35 tax programs and distributes revenue to the State and to local and tribal governments throughout New Mexico. The Department strives to reduce taxpayer burden through clearer communication, statutes, regulations, forms, correspondence and instructions.
Connect with us on tax.newmexico.gov, LinkedIn, YouTube and Twitter @NM_MVD.
New Mexico MainStreet (NMMS) develops local capacity to engage people, rebuild places and grow the entrepreneurial, creative & business environment resulting in economically thriving downtowns, greater business & employment opportunities, and a higher quality of life. NMMS is a program of the New Mexico Economic Development Department. Learn more at nmmainstreet.org.
FOR IMMEDIATE RELEASE: November 22, 2024
Contact: Charlie Moore
charlie.moore@tax.nm.gov
(505) 670-5406
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