Tuesday, February 21, 2017

Overhaul of New Mexico gross receipts tax proposed

Overhaul of New Mexico gross receipts tax proposed Albuquerque Journal By Dan Boyd Some critics have described New Mexico’s current gross receipts tax structure as “Swiss cheese” due to all the carve-outs, and Harper’s bill would rebrand the gross receipts tax as a sales tax, which most other states impose. He also said that doing away with most gross receipts tax exemptions would make the tax code more equitable.. The legislation would also have to gain approval from Gov. Susana Martinez, who has vowed to veto any tax increases approved by the Legislature. But Harper said staffers with the Governor’s Office have told him there’s a good chance the governor would sign the bill.

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