Bill > SB38

This bill makes several key changes to the New Mexico tax code: It reduces the state gross receipts tax rate from 4.875% to 2% and the state compensating tax rate from 4.875% to 2%. It also reduces the governmental gross receipts tax rate from 5% to 2%. The bill eliminates several tax credits and deductions, including the Film Production Tax Credit, the Affordable Housing Tax Credit, and the High-Wage Jobs Tax Credit. It also repeals the Estate Tax Act, the Insurance Premium Tax Act, and various other tax acts. The bill changes the individual income tax and corporate income tax rates, and it imposes additional registration fees for electric and plug-in hybrid electric vehicles. Overall, the bill makes significant changes to the structure and rates of the state's tax system.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=38&year=23