Bill > SB90

This bill removes the requirement that a tribe's tax must be not greater than the state's gross receipts tax rate and local option gross receipts tax rates to be credited against the gross receipts tax due pursuant to the Gross Receipts and Compensating Tax Act. It also provides that the tribe's tax credit shall be equal to the lesser of 25% of the tax imposed by the tribe or 25% of the tax revenue produced by the state's gross receipts tax and local option gross receipts taxes on the same transaction.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=90&year=23