summary
Introduced
01/23/2024
01/23/2024
In Committee
Crossed Over
Passed
Dead
01/30/2024
01/30/2024
Introduced Session
2024 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; REDUCING THE RATES OF THE GROSS RECEIPTS TAX AND THE COMPENSATING TAX; EXPANDING GROSS RECEIPTS TAX AND GOVERNMENTAL GROSS RECEIPTS TAX DEDUCTIONS FOR THE SALE OF PROFESSIONAL SERVICES.
AI Summary
This bill reduces the gross receipts tax rate from 5% to 4.625% and the compensating tax rate from 5% to 4.625%. It also expands the gross receipts tax and governmental gross receipts tax deductions for the sale of professional services, including accounting, architectural, engineering, information technology, legal, and payroll services, to a broader range of businesses beyond just manufacturers. The effective date of the provisions in this bill is July 1, 2024.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Action Postponed Indefinitely (on 01/30/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=219&year=24 |
| BillText | https://www.nmlegis.gov/Sessions/24%20Regular/bills/house/HB0219.pdf |
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