NEW MEXICO (KRQE) – New Mexico shoppers are already set to pay less on sales tax this summer. Now, a governor-backed bill could decrease it even further.
House Bill 367 would lower the state’s gross receipts tax rate to 4.625%. That’s an additional quarter-cent from the decrease scheduled to take effect July 1.
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The Governor’s Office expects that to save New Mexicans as much as $411 million.
The bill would also add a deduction for services to other businesses like payroll and computer repair.