That how much was saved by not binding the gross receipts tax forms package mailed recently. "Little things add up," said Taxation and Revenue Department Secretary Demesia Padilla when I spoke to her today at the annual legislative outlook conference of the New Mexico Tax Research Institute.
Padilla was at the TRI meeting to provide a briefing on the progress of state businesses applying (or reapplying) for the 5% preference given to New Mexico-based firms doing business with the state.
The deadline is December 31. As of today, all of 90 businesses have applied out of an expected 10,000.
Probably it would be best to call 827-0951 to check out this new deal. Or call your CPA.
Padilla said to go to the department's website, www.tax.newmexico.gov, and search for in-state preference. I did and with some further detective work got to "APPLICATION FOR PREFERENCE" to "qualify as a Resident Business or Resident Contractor."
I was good. I didn't argue the inefficiencies of the 5% subsidy, er, preference. That's for another day.
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