In New Mexico, we know how hard working and valuable our small-business owners are. But this year, we can do more than say, “Thank you!” We can support our local retailers with our business.
Last legislative session, I was able to pass legislation that promotes small, local businesses by making Small Business Saturday, the Saturday after Thanksgiving, tax-free at mom-and-pop shops across New Mexico. House Bill 79 is a celebration of small businesses in our state. Much like the “back-to-school” tax holiday, Small Business Saturday gives consumers an opportunity to support their neighborhood retail businesses tax-free for one day during the holiday, helping to lighten the load for both consumers and business owners.
We know that across the state there are 154,257 small businesses, and that those businesses represent 99 percent of all the businesses in New Mexico. We also know that New Mexico’s small businesses employ 339,640 people, according to the U.S. Office of Small Business Administration. And Civics Economics says out of every dollar spent at small businesses, 68 cents stays in the community. Consumers participate in tax-free holidays, and that means more sales for local businesses, which are crucial around the entire state, but particularly for our small-town economies. Shopping local helps keep New Mexicans employed, which in turn helps our families thrive.
My job is to work with my fellow legislators, both at home and in Santa Fe, so we can implement solutions that will strengthen our state. This legislation is an example of that. By working together and coming up with smart solutions, we can help our fellow New Mexicans prosper. New Mexicans are hard-working people who want to earn an honest living and create bright futures for their children; this is why I co-sponsored House Bill 79, in recognition of all of the hard-working people across this great state. The people in this state have an incredible entrepreneurial spirit and support one another in many different ways.
Small businesses are the lifeblood of New Mexico. These businesses help our economy grow and are valuable to every community across the state. I supported this legislation because I am committed to helping small-business owners thrive in our state. Now, it’s time to do your part – find your favorite local retailers and make sure you support them on Saturday. They will be grateful for it, and your wallet will be grateful, too.