Recently approved House Bill 163, as amended by the Senate, is on its way to Governor Michelle Grisham’s desk for her signature. New Mexico legislators approved about $500 million in tax rebates, as well as other initiatives.
“This session ... was about money in pockets...”
Gross Receipts Tax Rate Reduction & Veteran Relief
New Mexico’s state government joins other states that recently experienced significant surges in revenue. New Mexico’s influx in cash is due in part to oil production as well as federal pandemic relief funding. As a result, New Mexico is able to pass along some tax relief to taxpayers.
Specifically, the state Senate unanimously approved a tax package that reduces New Mexico's gross receipts tax rate by 0.025 percent over two years. Additionally, the bill includes tax exemptions for military veterans.