Rep. Christine Chandler/Courtesy photo
SPECIAL SESSION NEWS
House Bill 6, which makes three important changes and updates to New Mexico tax rules, passed the House Floor Friday. Sponsored by Representative Christine Chandler (D-Los Alamos), Representative Abbas Akhil (D-Albuquerque), Representative Javier Martinez (D-Albuquerque), and Senator Peter Wirth (D-Santa Fe), House Bill 6 will give direct tax relief and support to individuals and businesses economically affected by the COVID-19 pandemic.
House Bill 6 has three spokes. The first temporarily waives penalties and interest for tax liabilities related to personal and corporate income taxes, withholding taxes, gross receipts taxes, and managed audits. The waiving of penalties and interest provides relief to taxpayers unable to make tax payments due to the outbreak of COVID-19.
The second part of the bill doubles the temporary monthly distribution to municipalities, allowing more money from online sales taxes to be distributed to local governments, especially important at a time when so many households are shopping online only.
Finally, the bill restores treatment of New Mexican corporations and their net operating losses to the way the legislature had planned prior to the changes instituted in the CARES Act.
“I am proud to sponsor this bill that supports economic development and is both family and business friendly,” said Representative Christine Chandler (D-Los Alamos). “The times call for a responsive set of proposals that keep our communities and local businesses at the forefront of our economic recovery.”
House Bill 6 passed the House Floor on a vote of 69 to 1.