State tax relief bill and national trade agreements now in effect

State tax relief bill and national trade agreements now in effect

  • Post published:July 1, 2020
  • Post category:News

Governor Michelle Lujan Grisham signed House Bill 6 on Monday to the benefit of New Mexican taxpayers still reeling from the COVID-19 shutdown. The measure was a key focus of the special legislative session last weekend and waives tax penalties and interest on several kinds of taxes  to include personal income, property, and gross receipts tax on the condition that the tax bills are paid in full by 2021 deadlines. The deadline for those tax filings is now July 15, however full payment is not required until April 15, 2021. Read more HERE.

In National news, the USMCA trade agreement that regulates and protects trade across North America goes into effect today, July 1st. NMBC is proud to have been New Mexico’s leading and strongest advocate for the USMCA trade agreement. The USMCA’s importance to New Mexican manufacturing, trade and intellectual property protection is massive:

  • The jobs of more than two million American manufacturing workers depend on exports to Canada and Mexico, including 27,133 workers in New Mexico. 
  • New Mexican manufacturers sold $1.5 billion in manufactured goods to Canada and Mexico in 2018, and one out of every eight manufacturers in New Mexico export to Canada and Mexico.
  • USMCA Strengthens and modernizes America’s innovation engine by including best-in-class intellectual property rules while setting new standards for the 21st-century digital economy.

To learn more about the trade agreement and what to expect from it’s implementation click here for a quick brief.