Bill > HB207

This bill provides a gross receipts tax deduction for certain business-to-business services. The key provisions of the bill are: 1. The bill allows a deduction from gross receipts for receipts from the sale of accounting, engineering, financial management, information technology, human resources, legal, and temporary services, if the sale is made to a sole proprietorship, limited liability company, partnership, or corporation with a New Mexico or equivalent tax identification number, or the purchaser presents a nontaxable transaction certificate. 2. The bill defines these services in detail, including what is and is not included within each service category. 3. The bill requires taxpayers claiming the deduction to report the amount of the deduction separately as required by the Department of Taxation. 4. The bill has an effective date of July 1, 2022.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=207&year=22