House Speaker Brian Egolf was optimistic about proposing legislation to reduce the state’s gross receipts tax and remove some (of the many) exemptions during the upcoming 2020 legislative session. That optimism was recently met with support, but also skepticism about having enough time during the 2020 session to break into such a multifaceted discussion, let alone put anything to a vote. Members of the state tax committee like Senator John Arthur Smith and Representative Jason Harper, say they support the effort but also pointed out that due to a ‘lack of political will’. Changes to the New Mexico Gross Receipts Tax code would be unlikely in the next legislative session. Read more HERE.
