Bill > HB460

This bill repeals the Liquor Excise Tax Act and makes several related changes to New Mexico's tax laws. Specifically, the bill removes references to the liquor excise tax from various sections of state tax code, including the Tax Administration Act, which governs the administration and enforcement of various state taxes. The bill eliminates the requirement for liquor license transfers, renewals, and direct wine shipment permits to pay liquor excise tax, instead focusing solely on gross receipts tax. The legislation also formally repeals several statutes related to the Liquor Excise Tax Act, including sections covering tax distributions and local DWI grant programs. These changes effectively eliminate the separate liquor excise tax, streamlining tax reporting requirements for businesses in the alcohol industry. The bill is set to take effect on July 1, 2025, giving businesses and government agencies time to prepare for the tax law changes. The primary impact is to simplify tax reporting for liquor-related businesses by removing the separate liquor excise tax and consolidating tax obligations under existing gross receipts tax regulations.

Health and Social Services

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=460&year=25