summary
Introduced
02/17/2021
02/17/2021
In Committee
03/13/2021
03/13/2021
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; PROVIDING THAT A GROSS RECEIPTS, SALES OR SIMILAR TAX LEVIED BY CERTAIN TRIBES SHALL BE LIMITED TO A RATE NOT LESS THAN THE TOTAL OF THE GROSS RECEIPTS TAX RATE AND LOCAL OPTION GROSS RECEIPTS TAX RATES IMPOSED WITHIN THE EXTERIOR BOUNDARIES OF THOSE TRIBES.
AI Summary
This bill amends the existing law to provide that a gross receipts, sales, or similar tax levied by certain tribes, such as the Pueblo tribes, the Jicarilla Apache Nation, and the Mescalero Apache Tribe, shall be limited to a rate not less than the total of the gross receipts tax rate and local option gross receipts tax rates imposed within the exterior boundaries of those tribes. The bill also allows for a credit against the state's gross receipts tax and local option gross receipts taxes for the amount of the tribe's tax, up to 75% of the total tax imposed on the transaction. The effective date of the bill is July 1, 2021.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (1)
Last Action
Senate Tax, Business and Transportation Committee (00:00 3/13/2021 Room zoom) (on 03/13/2021)
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=397&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0397.pdf |
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