New Mexico – Today Rep. Brian Egolf (D-Santa Fe) introduced HB 222, a bill that would reduce the gross receipts tax for all New Mexico businesses and residents by .25 percent. The reduction in the gross receipts tax would be paid for by eliminating tax loopholes and subsidies for oil, gas and other extractive industries.
Rep. Egolf said, "At a time when legislators and the governor are looking at taxes and demanding accountability, we need to closely examine whether the $200-400 million annual subsidy to extractive industries creates jobs. This bill gives a tax cut to everyone - not just a few industries that don't need one."
House Bill 222 heads to the House Business and Industry Committee and the House Taxation and Revenue Committee for consideration.