BUSINESS News:

SANTA FE — Ahead of the annual New Mexico Gross Receipts Tax Holiday, NFIB New Mexico is encouraging consumers to shop small. Beginning on Friday, July 25, through the weekend, the state suspends the collection of gross receipts tax on sales of certain items so consumers can purchase the items tax-free. This is a great opportunity to support local businesses.

“Main Street businesses are the foundation of our economy, creating good-paying jobs and supporting charitable organizations that keep our communities thriving,” NFIB State Director Jason Espinoza said. “When you shop locally, especially during the gross receipts tax holiday weekend, more of your hard-earned dollars stay within your community. We hope that New Mexico families will turn to their small businesses for their back-to-school supplies.”

Background

According to the New Mexico Department of Taxation & Revenue, the 2025 Tax Holiday begins at 12:01 a.m., Friday, July 25, and concludes Sunday, July 27 at midnight. 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.”

For more information on the tax holiday and qualifying purchases, click here.