New Mexico governor proposes trimming gross receipts taxes

ALBUQUERQUE, N.M. (AP) — Gov. Michelle Lujan Grisham says a statewide cut in gross receipts taxes will be on her agenda when the Legislature meets in January. She made the announcement during an economic development event Wednesday in Albuquerque. The first-term Democratic governor is running for reelection and has been battling criticism over her handling of the pandemic and economic fallout among businesses across the state. The proposal would trim New Mexico’s gross receipts tax rate by 0.25%. The governor’s office said the proposed reduction would save New Mexicans an estimated $145 million annually. Supporters also say it would help ease pyramiding that results from the state’s tax policies.