SANTA FE, N.M. (AP) — New Mexico’s tax holiday will be extended for another five years under a measure signed into law by Gov. Michelle Lujan Grisham.
The legislation suspends the collection of gross receipts tax on the sale of qualified items at New Mexico small businesses.
The governor says Small Business Saturday has become a tradition for many families during the holiday season and it’s a way to support local businesses and save money on gifts.
This year’s tax holiday will be Nov. 28. Toys, electronics, sporting goods and other categories of merchandise qualify for the tax-free status as long as individual items cost less than $500.