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Los Alamos County is predicting a positive future for its finances. The government’s long-range financial plan projects revenues will exceed expenditures for several years. But rather than allow the county’s savings to balloon, Councilor Robert Gibson proposes giving taxpayers a break.
During the Dec. 7 council meeting, Gibson will present three ordinances. Each of them proposes to repeal a 1/8 percent gross receipts tax (GRT) increment. The percentage is 1/8 because taxes are imposed in 1/8 increments.
The first ordinance Gibson intends to introduce addresses a general increment; the second focuses on a county correctional increment and third is for a fire protection increment. Each increment repealed would equal a $2 million reduction in revenue to the county.
The county receives approximately $56 million a year from GRT.
If approved, the lower tax rates would go into effect July 1, 2011.
Although reducing the GRT rate would mean the county would have less money in the bank, Gibson said the reduction would not impact planned county services or spending.
In addition, “if all three increments are repealed, the average Los Alamos household would save more than $200 per year,” he said.
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