Thursday, July 17, 2008

New Mexico governor proposes rebate, tax holiday

SANTA FE, N.M. - Gov. Bill Richardson is proposing a tax rebate to help New Mexicans with rising household expenses along with a 10-day tax holiday in late November and early December.

The proposals are part of an economic relief package for New Mexicans that the governor will ask lawmakers to approve during a special legislative session, which he plans to call in September.

The governor is to outline his proposals at a news conference Thursday. He previewed some provisions in Las Cruces on Tuesday.

Richardson proposes temporarily suspending the gross receipts tax on certain purchases from Nov. 28 through Dec. 7. The day after Thanksgiving traditionally kicks off the holiday shopping season.

Gilbert Gallegos, a spokesman for the governor, said Wednesday the tax break would help families getting ready for the Christmas holiday and cover certain items, including clothing and some electronics like laptop computers. The proposal is expected to cost about $1.9 million in the current budget year.

Since 2005, New Mexico has offered a three-day tax holiday on purchases of some clothing, school supplies and computers. It will be Aug. 1-3 this year.

Read More Article...

No comments:

Outsource Bookkeeping Services Outsourcing Services