Local Business Fairness Act Passes Committee
House Bill 202 Closes Tax Loophole Used by Out-Of-State Corporations
Santa Fe, N.M. – TODAY, in the House Business and Industry Committee, Representative Carl Trujillo (D-Santa Fe) presented House Bill 202, which levels the playing field for our local business to compete against large out-of-state corporations. The bill closes a tax loophole used by out-of-state corporations who currently do not pay taxes on internet sales. The bill would require that companies that do not have a physical presence in the state pay the same taxes that our own local business do.
“It is time we put our local businesses and small business owners first,” said Representative Trujillo. ”This bill provides an even playing field for New Mexico’s small businesses which are the economic drivers of our economy, employing our fellow New Mexican’s who are currently at a huge disadvantage to the ‘Amazons’ of the world.”
It is estimated that HB 202 would add from between $8-30 million to our state’s revenue. HB 202 passed the House Business and Industry committee on a bipartisan 7-1 vote and will now go to the House Tax and Revenue Committee