More about tax reform

The underlying theme of the 2012 legislative session was taxes, specifically the issue of tax reform. Gov. Martinez put the gross receipts tax on the agenda with her proposals to both exempt certain small businesses from the tax and to reduce the incidence of “pyramiding” which forces businesses and consumers to pay taxes on top of taxes in this state. $40 million of welcome tax relief was included in the budget, but issues remain.
Senate Finance Committee Chair John Arthur-Smith made a dramatic point with the introduction of legislation that would have eliminated New Mexico’s gross receipts tax entirely.

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