Bill > HB158

This bill amends New Mexico law to adjust the state's gross receipts tax rate, which is an excise tax imposed on individuals or businesses for the privilege of engaging in business within the state, by changing it from five and one-eighth percent to five and twenty-five thousandths percent of their gross receipts, and also repeals several other sections of existing law related to various tax provisions, with these changes taking effect on July 1, 2015.