NM Legislature Enacts Multiple Changes to Tax Law

  |  April 5, 2019

On April 4, New Mexico Governor Michelle Lujan Grisham signed House Bill 6 into law, initiating complex changes to New Mexico tax laws over a two-year period, some of which are effective immediately and others that will be phased in thru July 2026.

The new laws include changes to the personal income tax, corporate income tax, gross receipts tax (GRT), and several excise taxes. Here are some key provisions of the bill that affect New Mexico’s taxpayers. Read more. Read More

Governor Lujan Grisham Signs Lodgers Tax Bill

  |  February 20, 2019

On February 4, Governor Michelle Lujan Grisham signed Senate Bill 106 into law, closing the tax loophole that had allowed property owners to avoid paying Lodgers Tax on revenue generated by short-term rental of their properties. The bill, which was very similar to legislation drafted during the 2017 session, passed both the House and Senate with overwhelming support. Read more. Read More

Sales and Use Taxes Account for Largest Net State Tax Increases in 2018

  |  February 11, 2019

The wheels of the Wayfair decision are turning across the U.S.

Federal tax changes had a ripple effect across many states in 2018. In fact, 13 states saw net increases to their sales and use taxes, as stated by a recent report from the National Conference of State Legislatures. In comparison, 10 states reported net decreases. While relatively on track with trends in recent years, these changes accounted for the most significant net tax increase at the state level, up by $847.1 million.

According to the report, 2018 proved to be a year of many challenges and opportunities in regards to taxes. Read more. Read More

Top 10 Property Tax Myths

  |  January 21, 2019

Are you missing an opportunity to reduce your property tax liability?

Nearly all local taxing jurisdictions, including municipalities, counties, and boards of education, generate tax revenue through the imposition of property tax, which is one of the most substantial sources of local government revenue. For many businesses, property tax is the largest state and local tax obligation, and one of the largest regular operating expenses incurred.

Unlike other taxes, property tax assessments are based on the estimated value of the property, and thus, are subject to varying opinions. Businesses that fail to take a proactive approach in managing their property tax obligations may be missing an opportunity to reduce their tax liability. Here are 10 common property tax myths, and the truths that counter them. Read more. Read More