New Mexico is one of only two states that uses a gross receipts tax (GRT), and it is rated as one of the worst consumption taxes in the country. The complexity of New Mexico’s GRT discourages new companies from doing business in the state, and it pushes in-state businesses to make some purchases out-of-state, further harming our local economy.
- Reboot the state’s GRT by eliminating nearly all exemptions, deductions, and
- Eliminating most carve-outs will:
- Broaden New Mexico’s tax base and stabilize state revenue streams;
- Simplify taxes for businesses and increase transparency;
- Significantly lower the tax rate for all New Mexicans.