Pyramiding No Priority

Watts, Jim
January 2005
Bond Buyer;1/11/2005, Vol. 351 Issue 32047, p31
Trade Publication
The article focuses on policy related to gross receipts tax in New Mexico. Governor Bill Richardson will not propose legislation this year to lessen the pyramiding of the gross receipts tax, despite an effort by a statewide business group to change the law, The Association of Commerce and Industry of New Mexico wants to reduce so-called pyramiding, which occurs when the gross receipts tax is imposed on a series of transactions. He said at a news conference last week that the business tax proposal was not among his policy priorities for the 60-day session, which convenes January 18, 2005.


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