NEW MEXICO (KRQE) – The state says not many restaurants and bars have been taking advantage of a temporary tax break. State lawmakers allowed for restaurants, breweries, and bars to take GRT deductions from March until July. It would allow those businesses to pocket the extra cash as a way to help them recover from the pandemic.
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However, the state says only 552 foodservice businesses have filed for that temporary tax break which has only used about $5 million worth of tax relief. “There’s $90 million of tax relief available to be claimed for New Mexico restaurants and bars and we know they’ve had an especially hard time during the pandemic and we want to make sure they get that support,” said Stephanie Schardin Clarke, secretary for the New Mexico Taxation and Revenue Department.
The state says that the tax relief bill also helps out low-income families. They were able to give out about 145,000 New Mexicans a $600 tax rebate.