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Business

Small Business Saturday in New Mexico

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Shopping may be just as much a staple of this time of the year as turkey and cranberry sauce.

With Black Friday coming hot off the heels of Thanksgiving, many Americans across the country are gearing up for Christmas shopping.

But there’s another shopping holiday taking place this weekend, with an emphasis on supporting small businesses all-across New Mexico.

Small Business Saturday suspends the collection of gross receipts taxes on the sale of qualifying items at certain small businesses.

New Mexico Taxation & Revenue Department Secretary Stephanie Schardin Clarke said shoppers should call ahead to certain local small businesses, to see if they are taking part in this event.

“The business chooses rather or not to qualify and so you might call ahead if you’re going somewhere to see if they’re participating. But as long as the business is participating, this is really good for a lot of items that are on families’ holiday shopping lists.”

For a list of qualifying items you can buy on Saturday, click here.

The sale of the item you are buying must be less than $500 in order for it to qualify for no gross receipts tax.

For businesses still interested in participating ahead of Saturday, they must maintain their primary place of business in New Mexico and employ no more than 10 employees.

If they meet these two criteria, Secretary Shardin Clarke said they have up until 12:01 a.m. on Saturday to apply.

Business
Gino Gutierrez was born and raised in Albuquerque, New Mexico. A lifelong resident of New Mexico, Gino found interest in broadcasting after falling in love with sports and sports broadcasting. He attended the University of New Mexico, where he majored in mass media journalism. While at UNM, he worked the New Mexico Daily Lobo, serving as both sports and managing editor. He can also be heard providing play-by-play commentary for the Lobo Hockey Network.