Bill > SB145

This bill enacts significant tax reforms by amending various sections of New Mexico law. Key provisions include changes to the Gross Receipts and Compensating Tax Act, the Municipal Local Option Gross Receipts Tax Act, and the County Local Option Gross Receipts Tax Act, primarily by consolidating and simplifying gross receipts tax rates for municipalities and counties to a maximum of one percent, and for governmental gross receipts to one percent, with a recommendation for the Department of Taxation and Revenue to propose legislation to maintain these rates. It also introduces a new gross receipts tax credit for low-income individuals based on their gross receipts tax payments and income levels, and modifies provisions related to revenue bonds, tax increment financing, and various other tax-related definitions and procedures. The bill also repeals numerous outdated tax provisions, including those related to corporate income and franchise taxes, film production tax credits, and specific local option taxes, while establishing new definitions for terms like "bond," "gasoline tax revenue," and "gross receipts tax revenue" within relevant statutes.