STATE News:

SANTA FE – House Bill 170, Friday passed the House Commerce and Economic Development Committee. House Bill 170, sponsored by Rep. Doreen Gallegos (D-Las Cruces), and Rep. Steven Neville (R-Aztec), extends the sunset date for the deduction from gross receipts for certain businesses on Small Business Saturday from July 1, 2020 to July 1, 2028. 

“Small Business Saturday creates incentives for consumers to shop locally and to spend their hard-earned dollars at the neighborhood businesses that are integral to the New Mexican economy,” Rep. Gallegos said. “Extending the sunset date for the GRT deduction will enable these home-grown businesses to continue to provide jobs, generate additional revenue, and thrive in our communities, promoting economic security for all New Mexicans.” 

Small Business Saturday is held on the Saturday after Thanksgiving each year as a way to celebrate and support small businesses and their contributions to New Mexico’s economy. According to Civics Economics–Andersonville Study of Retail Economics, 68 cents of every dollar spent at a small business is reinvested in the community.

House Bill 170 passed the House Commerce and Economic Development Committee and now moves on to the House Taxation and Revenue Committee.