SATURDAY AFTER THANKSGIVING GRT SUNSET

HB 179 extends the sunset date for a tax deduction allowing small New Mexico businesses to exclude qualifying sales from gross receipts tax. The deduction applies to retail sales under $500 of specific items (like clothing, books, home goods, and toys) made on the first Saturday after Thanksgiving. It directly affects small businesses with 10 or fewer employees operating in New Mexico, enabling them to reduce taxable income for these sales. The bill amends the tax code to extend the deduction’s expiration from 2025 to 2030, maintaining the current eligibility rules and reporting requirements.