New regulations went into effect Januthat greatly impact the construction industry. Special Information for Residential Contractors, Subs & Suppliers Available Here NMHBA EVP/CEO Jack Milarch reports on how the recent law change did not totally eliminate “tax pyramiding.”Ģ013 Gross Receipts Tax Regulations Help to Limit “Tax Pyramiding” New Mexico Gross Receipts Tax – April 2012 - Contractors and Gross Receipts Tax - The Basics and The Changes. NMHBA EVP/CEO Jack Milarch explains the “ins and outs” of figuring out what the new Regulations need to consider for implementation of the new law. New Mexico Gross Receipts Tax – August 2012 - New GRT Rules: Progress Report.
NEW MEXICO GROSS RECEIPTS TAX HOW TO
State lawmakers have one more month to make that decision.New Mexico Gross Receipts Tax – July 2014 - Are You Paying Too Much GRT on Real Estate Commissions? How to calculate the deductible portion of a real estate commission. Harper says he’s confident his bill will be included in some form.įood at grocery stores isn’t taxed in New Mexico, but this proposal could impact most of what people buy. In the next week or two, the Taxation and Revenue Committee will be putting together a larger tax package made up of tabled tax bills. “We are working right now with the governor and the tax secretary on what is the right approach, so we can do something amazing to help small businesses, at the same time make sure we are not negatively impacted cities and counties.” “If there is a time now to pull those tricks out of the sleeve it will be now and consider you the modest magician,” said state Rep. But Harper says his colleges could amend the bill to also help local governments.
“The bill sounds like it has a good basis that we can agree on but the concern of rural New Mexico cities is the impact on local revenues.”Īfter much discussion the bill was unanimously tabled over the concerns heard from cities and counties. So it pyramids, and that tax compounds on top of each other and makes it much higher,” said Harper.īut those taxes don’t just go to the state, they also go towards the city and county, and those local leaders pushed back on this bill. “A gross receipts tax says when I go to buy a phone it’s taxed, but a gross receipts tax says when it is designed, it is taxed, when you buy the materials it’s taxed, when you assemble it’s taxed, when you send it to the distributor it’s taxed. The bill would also reduce pyramiding taxes that impact small businesses the most. House Bill 367 would reduce the gross receipts tax by a quarter percent, but it would also make a big change to the tax code. I have been working this issue for six, seven years and I believe this is going to be the year that it is going to happen,” said state Rep. “Going into committee I felt really good, it was bipartisanly supported, the governor is on board. and bill sponsor Jason Harper told KOB 4 Sunday that most tax based bills get tabled after the first read, but he is hopeful it will make a comeback when legislators put together a larger tax package.
– There was a lot of debate around a certain tax cut that was unanimously tabled at the Roundhouse this weekend.
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