Martinez signs legislation for holiday tax break

[TexasTowelie]

SANTA FE — One of the busiest shopping days of the year will come with its own tax break under legislation signed by Gov. Susana Martinez.

Martinez estimated the bill — co-sponsored by House Majority Whip Doreen Gallegos, D-Las Cruces, and Sen. Steven Neville, R-Aztec — will result in about $3 million in tax relief.

The legislation, House Bill 79, creates a gross receipts tax deduction for retail sales at small, local businesses on the Saturday after Thanksgiving. Supporters call it “Small Business Saturday.”

The tax break means shoppers won’t have to pay gross receipts taxes on their purchases that day, though there are restrictions.

Read more: https://www.abqjournal.com/1140567/martinez-signs-legislation-for-holiday-tax-break.html