There is imposed on any person engaging in business in the County, for the privilege of engaging in business in this County, an excise tax equal to 0.1875% of the gross receipts reported or required to be reported by the person pursuant to the New Mexico Gross Receipts and Compensating Tax Act as it now exists or as it may be amended.[1] The tax imposed under this article is pursuant to the County Local Option Gross Receipts and Compensating Taxes Act.[2]
[Adopted 8-29-2023 by Ord. No. 23-02]
This article hereby adopts by reference all definitions, exemptions and deductions contained in the Gross Receipts and Compensating Tax Act as it now exists or as it may be amended.
Revenue from the County gross receipts tax will be used for the purpose of general operations of the County, including bond debt service.
The effective date of the 0.1875% increase of the County gross receipts tax shall be either January 1 or July 1, whichever date occurs first after the expiration of three months from the date this article is adopted, unless an election is held on the question of approving the article, in which case the effective date shall be either January 1 or July 1, whichever date occurs first after the expiration of three months from the date when the results of the election are certified to be in favor of the article's adoption.