summary
Introduced
02/17/2021
02/17/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; ENACTING THE RECORDATION TAX ACT; ENACTING THE FOOD GROSS RECEIPTS TAX ACT; DISTRIBUTING A PORTION OF THE REVENUE FROM THE FOOD GROSS RECEIPTS TAX TO MUNICIPALITIES AND COUNTIES; PROVIDING AN EXEMPTION FOR SOCIAL SECURITY INCOME FROM INCOME TAX; PROVIDING AN EXEMPTION FOR MILITARY RETIREMENT INCOME FROM INCOME TAX; REPEALING THE HOLD HARMLESS DISTRIBUTIONS TO MUNICIPALITIES AND COUNTIES THAT OFFSET THE FOOD AND HEALTH CARE PRACTITIONER DEDUCTIONS FROM GROSS RECEIPTS.
AI Summary
This bill enacts the Recordation Tax Act and the Food Gross Receipts Tax Act. The Recordation Tax Act imposes an excise tax on transfers of real property and instruments of indebtedness on real property. The Food Gross Receipts Tax Act imposes a 4% excise tax on the sale of food at retail food stores. The bill also provides exemptions from income tax for social security income and military retirement income, and repeals certain hold harmless distributions to municipalities and counties related to the food and health care practitioner deductions from gross receipts. The effective date of the bill is July 1, 2021.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Sent to STBTC - Referrals: STBTC/SFC (on 02/17/2021)
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=386&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0386.pdf |
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