Bill > HB163

This bill establishes a new section in the Gross Receipts and Compensating Tax Act that allows a 25% deduction from gross receipts for small businesses. To qualify, a small business must employ no more than four full- or part-time employees who have been employed for at least 44 weeks in the 12 months prior to the month the deduction is claimed. The bill also requires the state's tax department to compile an annual report on the deduction, including the number of taxpayers who claimed it and the aggregate amount deducted, and to provide an analysis of the cost of the deduction to the legislature.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=163&year=23