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Sidebar

Small Business Saturday is November 28

11/24/2020

Tax, MVD offices closed until Nov. 30

11/16/2020

Tax workshops offered online Nov. 17

11/10/2020

Albuquerque offices move to new location Nov. 16

11/2/2020

Deadline is November 21 to request federal stimulus payments

10/30/2020

MVD now offers online license renewal for drivers 79 an older

10/23/2020

Annual publication of unclaimed property

10/21/2020

Self-service phone option now available for tax payments

10/20/2020

Tax Policy Advisory Committee meets Wednesday

10/5/2020

B-200.34 – Delivered Groceries

 9/2/2020

Small Business Saturday Tax Holiday

Gross Receipts Tax Holiday

This year’s Small Business Saturday New Mexico Gross Receipts Tax Holiday will be Saturday, November 28, 2020. For this one day, the state suspends collection of gross receipts tax on sales of qualifying items at certain small business. The tax holiday begins at 12:01 a.m. on Saturday, November 28, 2020 and concludes at midnight of Saturday, November 28, 2020.

During that time the law provides a deduction from gross receipts for retail sales of qualifying tangible personal property; in effect allowing the retailer to sell the items “tax free.”

B-200.31 Small Business Saturday Gross Receipts Tax Holiday contains a list of qualifying items, but please note the sales price of the property must be less than $500. Types of items that qualify are clothing, accessories, sporting goods, tools, books, art, cosmetics, musical instruments, cookware, bedding, furniture, toys, games, and electronics.

In order for a business to qualify for the deduction, it must maintain its primary place of business in New Mexico, and employ no more than 10 employees at any point during the year.  Businesses that operate under a franchise agreement do not qualify to deduct their receipts under this tax holiday.

For more specific information for small businesses on how to take the deduction on their returns please see CRS-1 Filers Kit, For Reporting Gross Receipts, Withholding and Compensating Taxes, July through December 2020.  This deduction is a separately stated deduction that should be placed on its own line and use a special deduction code D0-020.

Latest News

Changes Coming to Combined Reporting System

Back-to-School Tax Holiday is this weekend

Modified enforcement extended through August

July new business workshop to be presented online

New multi-year tax forms available

Hearing scheduled on new rules for New Mexico driver’s licenses

Tax Policy Advisory Committee meets Wednesday

Delivered Groceries

Delivered groceries may not be taxable

TRD Audit and Compliance Division to start outbound calling

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