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Mora County property tax deadline extended
05/09/2022
Taxpayers warned against using old CRS forms
04/26/2022
Delinquent property tax auctions scheduled
04/26/2022
Income tax returns due Monday
04/14/2022
MVD celebrates Donate Life Month
04/05/2022
Taxpayers to receive rebates in July
03/14/2022
Tax season is open
01/24/2022
Vendor reissuing some driver’s licenses
01/20/2022
MVD opens new self-service kiosk
01/04/2022
Small Business Saturday is November 27
11/22/2021
Tax Workshops open for registration
11/08/2021
Delinquent property tax auctions scheduled
11/01/2021
Tax Workshops open for registration
10/13/2021
MVD releases new practice driving test
08/05/2021
Back-to-School tax holiday is this weekend
08/02/2021
Vehicle titles to be issued by mail
07/23/2021
MVD warns New Mexicans against scam
07/12/2021
Tax Policy Advisory Committee to meet May 13
04/27/2021
MVD celebrates National Donate Life Month
04/19/2021
Tips for Taxpayers
03/09/2021
Guidance on $600 Income Tax Rebates
03/05/2021
Dec. 1 Tax Workshops
11/30/2020
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
Annual publication of unclaimed property
10/21/2020
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 26, 2022. 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 26, 2022 and concludes at midnight of Saturday, November 26, 2022.
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 GRT Filer’s Kit For Reporting Gross Receipts Tax. This deduction is a separately stated deduction that should be placed on its own line and use a special deduction code D0-020.