SALT Report 1332 – New Mexico Governor Susana Martinez has released her budget proposal for Fiscal Year 2013. If passed, the budget would make changes to the state’s gross receipts tax laws and would offer a tax credit for businesses that engage in high-technology research and development in New Mexico.
New Mexico is ranked last in terms of its ability to attract new economic investment and job growth. Therefore, the Governor is proposing that $55 million be used to reduce and eventually eliminate the gross receipts tax for 40,000 small businesses. Furthermore, she wants to end the double and triple taxation of goods, commonly known as “tax pyramiding,” that has crippled New Mexico’s construction and manufacturing sectors.
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