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SANTA FE – Today, Senate Bill 292, sponsored by Senator Gay Kernan (R-Hobbs) and Representative Cathrynn Brown (R-Carlsbad), cleared the Senate Finance Committee with unanimous, bipartisan support. The bill appropriates $25 million for the City of Carlsbad to offset revenue loss resulting from the state’s recent transition to destination-based sourcing of the gross receipts tax (GRT). The appropriation is a one-time, nonrecurring expense to the general fund.