Bill > HB368

This bill proposes to exempt from New Mexico's gross receipts tax any food sold from a coin-operated vending machine, provided the vending machine is owned by a New Mexico business that has less than $2,000,000 in total annual gross revenue. The definition of "food" for this exemption aligns with the federal Supplemental Nutrition Assistance Program (SNAP). A "resident New Mexico business" is defined as one licensed to operate in the state and which can prove its residency by either having paid property taxes or rent on real property in New Mexico and at least one other state tax for the three years prior to filing an affidavit, or if it's a new business, its owner(s) must have met similar tax payment criteria, or if it's a relocated business, at least 80% of its employees were New Mexico residents in the preceding year and the business has made a significant real estate investment or long-term lease in the state. This exemption aims to support smaller, locally-owned businesses operating vending machines.