Bill > SB1

This bill creates a temporary gross receipts tax deduction for certain food and beverage establishments, such as restaurants, craft distillers, and mobile food service establishments, on receipts from the sale of prepared food or non-packaged beverages for immediate consumption. It also creates a 2020 income tax rebate of $600 for eligible resident taxpayers with an adjusted gross income of $31,200 or less (for individuals) or $39,000 or less (for heads of household, surviving spouses, and married couples filing jointly). The bill also provides for the distribution of the loss of local option gross receipts tax revenue attributable to the deduction to local governments and appropriates $300,000 to the Taxation and Revenue Department to administer these provisions.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=1&year=21