DEPARTMENT OF TAXATION & REVENUE
New Mexico Taxation and Revenue Secretary Stephanie Schardin Clarke applauded the Legislature’s passage of several bills recently signed into law by Gov. Michelle Lujan Grisham that clarify and update the state’s tax codes.
House Bill 98, which was introduced on behalf of the Department, makes dozens of clarifications to statute to prevent disputes and allow the Department to operate more efficiently.
One important change in House Bill 98 is a simple one-word fix making it clear that delivered groceries qualify for a Gross Receipts Tax deduction for groceries as long as they are sold
by a qualifying grocer. Under the old law, groceries had to be purchased
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ALBUQUERQUE, N.M. The New Mexico Taxation and Revenue Department will hold a public hearing on a collection of proposed corporate income tax rules.
The hearing, slated for 1 p.m. Feb. 25, will address proposed regulations related to the Corporate Income and Franchise Tax Act and the Uniform Division of Income for Tax Purposes Act, according to a news release from the state tax and revenue department.
The proposed rules are intended to accompany changes to the tax code enacted in 2019. The changes eliminated separate entity reporting for C Corporations and made unitary combined reporting the default filing method for these companies, according to the release.