summary
Introduced
02/01/2021
02/01/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; ALLOWING CERTAIN MUNICIPALITIES TO RETAIN NINETY PERCENT OF A DISTRIBUTION TO OFFSET GROSS RECEIPTS DEDUCTIONS FOR FOOD AND HEALTH CARE PRACTITIONER SERVICES; CLARIFYING THAT CERTAIN OTHER MUNICIPALITIES AND COUNTIES THAT DID NOT HAVE IN EFFECT ON JUNE 30, 2019 A HOLD HARMLESS GROSS RECEIPTS TAX ARE EXEMPT FROM THE PHASE-OUT OF THAT DISTRIBUTION.
AI Summary
This bill allows certain municipalities that did not have a municipal hold harmless gross receipts tax in effect on June 30, 2019 to retain a higher percentage of a distribution to offset gross receipts deductions for food and health care practitioner services. Specifically, municipalities with a population less than 10,000 can retain the full applicable maximum distribution, while municipalities with a population between 10,000 and 25,000 (excluding those in H class counties) can retain 90% of the applicable maximum distribution. The bill also clarifies that certain other municipalities and counties that did not have a hold harmless gross receipts tax in effect on June 30, 2019 are exempt from the phase-out of the distribution. The effective date of the bill is July 1, 2021.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Tax, Business and Transportation Committee (13:30 2/23/2021 Room zoom) (on 02/23/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=226&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0226.pdf |
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