Budget & Taxes (Tax Incentives)

SB 89 creates a sales tax exemption for qualifying hunting and fishing supplies purchased in New Mexico between September 8 and December 31 each year. It covers specific low-cost items like fishing tackle ($5 or less individually), camping gear ($30 or less), fishing rods ($75 or less individually), and firearms/ammo, with price limits defined in the bill. This directly benefits New Mexico residents buying these items during the holiday period, as retailers can deduct these sales from their tax obligations. The exemption takes effect July 1, 2026, and excludes franchise business sales.