Residents of New Mexico, rejoice—and get ready for tax-free shopping on Saturday.
New Mexico Gov. Susana Martinez announced Wednesday that in celebration of Small Business Saturday 2018, the state will implement a tax holiday.
Any business with 10 employees or fewer will be permitted to sell products without charging gross receipts tax, saving consumers some extra change. For the business to qualify, its primary place of business must be in New Mexico. Franchises are not eligible.
The tax exemption will apply to a range of goods, including sporting goods, clothing, artwork, musical instruments, and furniture. The only exception is that the price of the product cannot exceed $500.
“I’m proud to announce the first-ever tax-free Small Business Saturday, in New Mexico,” said Gov. Martinez. “Get out and support your local small businesses and use this opportunity to save a few bucks when money is tight around the holidays.”
Small Business Saturday, which falls on the weekend following Thanksgiving each year, began in 2010 as an effort by American Express to support local businesses. Since then, state and local chambers of commerce and business associations across the country have participated, driving an estimated $85 billion in revenue.