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One-day tax holiday aims to draw consumers to hometown businesses

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BY SANDY NELSON
Finance New Mexico

Once the frenzy of Black Friday fades, Small Business Saturday aims to attract shoppers to local merchants whose stores serve hometown retail needs – not just to keep those businesses healthy in today’s hypercompetitive retail environment but also to generate tax revenue that provides vital community services.

To stoke that fire, the 2018 New Mexico Legislature passed a law authorizing a one-day tax holiday that will remove state gross receipts taxes from a variety of retail products on the Saturday after Thanksgiving – one of the year’s busiest shopping days, when many people hunt for the best deals on holiday gifts – from 2018 through 2020.

The 24-hour consumer tax relief measure applies to small businesses of 10 or fewer employees only; franchises, no matter how small, are exempted. It covers a wide range of products, including clothing, sporting goods, artworks, musical instruments, and furniture – as long as the cost of any individual product doesn’t exceed $500.

The tax-free day represents a sacrifice by the state and municipalities to benefit New Mexico businesses, as it is likely to cost the state nearly $2 million per year in lost revenues and cost local communities their share of the GRT for that day.


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