summary
Introduced
01/18/2022
01/18/2022
In Committee
02/11/2022
02/11/2022
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; REDUCING THE RATES OF THE GROSS RECEIPTS TAX AND THE COMPENSATING TAX; DEFINING "DISCLOSED AGENCY" IN THE GROSS RECEIPTS AND COMPENSATING TAX ACT.
AI Summary
This bill reduces the rates of the gross receipts tax and the compensating tax in New Mexico. Specifically, it lowers the gross receipts tax rate from 5.125% to 4.875% and the compensating tax rate from 5.125% to 4.875%. Additionally, the bill defines the term "disclosed agency" in the Gross Receipts and Compensating Tax Act, which refers to an agent who receives money on behalf of a principal if the agency relationship is disclosed to a third party or the third party has actual knowledge of the agency relationship.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Action Postponed Indefinitely (on 02/11/2022)
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/Legislation/Legislation?chamber=S&legtype=B&legno=5&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0005.pdf |
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