New Mexico is offering a gross receipts tax holiday for small businesses on the first Saturday after Thanksgiving (November 26, 2022). A business that maintains a primary place of business in New Mexico and employs no more than 10 employees at any one time during the previous fiscal year may deduct receipts from sales of tangible personal property with a sales prices of less than $500. See the Small Business Saturday Gross Receipts Tax Holiday bulletin on the New Mexico Taxation and Revenue site about the tangible personal property eligible for this gross receipts tax holiday.
High level criteria (please confirm with the the New Mexico state authority):
- Collects sales tax in New Mexico
- Maintains a primary place of business in New Mexico
- Has fewer than 10 employees
- Has tangible personal property with sales price of less than $500
You’ll need to adjust your settings within AvaTax by importing a custom rule template for the sales tax holiday for November 26, 2022: NM Small Business Saturday Custom Codes 2021.xlsx
Follow the instructions in Add or Import Custom Tax Rules to import your custom tax rule.