SENATE REPUBLICAN LEADERSHIP NEWS
Today, legislation to provide tax payment relief to New Mexico businesses cleared the Senate Tax, Business, and Transportation Committee with unanimous, bipartisan support. Senate Bill 25 (SB 25), sponsored by Senator Cliff Pirtle (District 32-Chaves, Eddy, and Otero), proposes a temporary waiving of penalties and interest on unpaid gross receipts tax, local option gross receipts tax, or compensating tax liabilities that became due on the effective date of the first COVID-19 public health order (March 13, 2020). The waiver would end two months after the public health order is rescinded or expires.
“Our local businesses are the backbone of our economy and I appreciate the bipartisan support for this bill,” said Senator Pirtle. “New Mexico business owners were forced to close through no fault of their own, and as they reopen, this reasonable step will keep them from being further penalized by the state.”
All underlying taxes would have to be paid in full on or before the 25th day of the third month following the expiration or rescission of the public health order. SB 25 will now advance to the Senate Finance Committee.