Proposal would make Small Business Saturday a tax holiday

Original Story: http://krqe.com/2015/12/30/proposal-would-make-small-business-saturday-a-tax-holiday/

Published:

ALBUQUERQUE (KRQE) – A state representative wants to make Small Business Saturday a tax holiday in New Mexico, allowing small and local stores and restaurants to not charge customers taxes for the day.

Representative David Adkins, R-Albuquerque, is carrying the bill for the second year in a row. HB 34 would allow local businesses that bring in less than $2 million of revenue a year and have been open at least a year to claim a tax deduction for sales made on the Saturday after Thanksgiving.

The idea is similar to the back to school tax holiday that happens in August.

That Saturday after Thanksgiving has been celebrated as Small Business Saturday since 2010 as a way to bring attention to local shops following Black Friday.

“For every dollar that is spent at a big box store, only about 13 percent of that money stays local,” said Adkins. “I thought this might be a good thing to do for our small businesses.”

Adkins tried the bill at the last legislative session but the idea failed to get out of committee.