The governor made the announcement in an address at the Albuquerque Economic Forum, where she also discussed New Mexico’s economic strength, including record exports and 4 percent overall growth over the past two years. “We have the tools to continue building long-lasting economic success – we just have to be bold enough to use them.” “Cutting gross receipts taxes for the first time in decades will put more money in the pockets of New Mexico families and businesses,” said Gov. This would be the first change in the statewide gross receipts tax rate since July of 2010, when the rate increased from 5 percent to its current 5.125 percent.Īccording to the Taxation and Revenue Department, New Mexico has not decreased its statewide gross receipts tax rate since 1981, making the governor’s proposed cut, when enacted, a first in 40 years.Īkin to a retail sales tax, gross receipts tax is levied on all persons engaged in business in New Mexico, which is why a statewide cut will positively impact New Mexico families and businesses across the state. The governor’s initiative will comprise a statewide 0.25 percent reduction in the gross receipts tax rate, lowering the statewide rate to 4.875 percent. Michelle Lujan Grisham on Wednesday, speaking at an economic development event, announced that she will pursue a statewide cut in gross receipts taxes, the first in decades, as part of signature legislative agenda items for the upcoming 2022 session, a measure that will save New Mexico families and businesses an estimated $145 million annually, or about $1.5 billion over 10 years. Legislative priority will save New Mexicans $145 million annuallyĪLBUQUERQUE – Gov.
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