Bill > HB18

This bill, titled "Separate tax deductions & exemptions," aims to modify New Mexico's Gross Receipts and Compensating Tax Act by requiring taxpayers to separately state and itemize most exemptions and deductions they claim, with specific exceptions for certain categories of deductions and exemptions listed in the bill, and it also extends or modifies various tax deductions and exemptions for specific industries and activities, many of which are set to expire on July 1, 2025, or later dates, and includes an appropriation of $500,000 to the taxation and revenue department for fiscal years 2016 and 2017 to implement these changes, including developing new reporting forms and conducting public outreach.