$2 billion in GRT revenue to be returned to cities and counties

$2 billion in GRT revenue to be returned to cities and counties

  • Post published:February 2, 2020
  • Post category:News

The New Mexico Taxation and Revenue Department reported that it will be distributing $2 billion in revenue from gross receipts tax from FY19 – an increase of 8% over last year. The money will be doled out to cities, counties and other local governments directly. The city of Santa Fe will receive $103.4 million, with Santa Fe County receiving an additional $63.6 million, according to taxation statistics. In total, the state sent about $1.396 billion to municipalities, $597 million to the 33 counties, $9.6 million to tribes and $4.8 million to tax increment development districts. Read more HERE.