SANTA FE—This evening, the House of Representatives passed House Bill 79, a bipartisan effort to create a statewide tax holiday for Small Business Saturday. The bill passed by a vote of 43 to 20. Rep. David Adkins (R-Albuquerque) has championed this endeavor for the past two years, and he teamed with Rep. Doreen Gallegos (D-Las Cruces) and Sen. Steven Neville (R-Aztec) on this year’s proposal.
Small Business Saturday takes place on the Saturday following the annual Thanksgiving holiday. It was established to encourage shoppers to support small business retailers across the nation. HB 79 exempts all transactions made on Small Business Saturday for New Mexico businesses that employ no more than 25 workers. It limits the deduction for purchases under $500.
“New Mexico’s small businesses are the backbone of our economy,” said Rep. Adkins. “Money spent at locally-owned businesses has a multiplying effect within our communities, and we should make every effort support them. I am pleased to see the House endorse this idea, and I look forward to working with Sen. Neville to get it through the Senate quickly.”
HB 79 now moves to the Senate for consideration.