Bill > HB323

This bill changes the name of the "gross receipts tax" to the "sales tax" throughout the law. The key provisions are: - The bill changes the name of the "gross receipts tax" to the "sales tax" and makes conforming changes throughout the law, including changing references to the "compensating tax" to the "use tax." - The bill maintains the current 5% sales tax rate, with a provision to potentially increase the rate to 5.125% if certain revenue thresholds are not met. - The bill updates definitions and terminology to align with the new sales tax nomenclature, including defining terms like "sales tax," "use tax," "marketplace provider," and "marketplace seller." - The bill makes various changes to deductions, credits, and exemptions related to the sales tax, including updating provisions for manufacturing, construction, healthcare, and other industries. - The bill makes administrative changes to the collection and distribution of the sales tax. The overall purpose of the bill is to update the state's tax system by changing the terminology from "gross receipts" to "sales" to better align with common usage and understanding.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=323&year=23