Bill > SB121

This bill amends the Gross Receipts and Compensating Tax Act to provide temporary deductions for food and beverage establishments in New Mexico. Specifically, it allows a deduction from gross receipts for the sale of prepared food or non-packaged beverages that are served, picked up, or delivered to customers for immediate consumption. The deduction is available from March 1, 2023 to June 30, 2023, and applies to establishments that have not received a grant from the federal Restaurant Revitalization Fund. The bill also appropriates $150,000 to the Taxation and Revenue Department to administer the deduction, and includes an emergency clause to make the bill effective immediately.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=121&year=23