SANTA FE, N.M. (KRQE) – A handful of changes to New Mexico’s tax code has received the approval of the Governor. The changes, which go into effect immediately, aren’t sweeping, but they do have implications for New Mexicans, businesses, and tribal members.
Senate Bill 147 is not the omnibus tax bill that received a lot of attention during the session. Rather the bill signed into law is a bill that focuses more on administrative tax changes.
The bill signed into law “makes several small but significant” changes, according to the Legislative Finance Committee. For example, the bill clarifies how cannabis retailers should determine cannabis excise taxes. The bill also makes small adjustments to vehicle gross receipt taxes, compensating tax (i.e. taxes similar to gross receipts taxes), and some healthcare provider taxes.
Still awaiting the Governor’s signature is House Bill 547, the omnibus tax bill that would change New Mexico’s income tax brackets, offer another round of personal rebate checks, and offer a range of tax credits. The Governor has until April 7 to sign or veto that bill.