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Bill would lower Gross Receipts Tax rate, end ‘pyramiding’ from professional services
SANTA FE — Gov. Michelle Lujan Grisham unveiled bipartisan legislation Thursday that would lower the state’s Gross Receipts Tax rate an additional quarter-percent to 4.625 percent and create a deduction for a wide range of services sold to other businesses, saving New Mexicans as much as $411 million in total.