New Mexico Legislature approves tax holiday for restaurants
A bill is on its way to the governor that would provide a four-month tax holiday to restaurants and a $600 rebate to low-income workers.
The state House gave final approval Wednesday to a pandemic economic relief bill on a 66-1 vote. The bill calls for a $600 tax credit or rebate for people earning about $15 an hour and works as a rebate to those who owe less than $600 in taxes. Republicans first suggested the financial aid during a special legislative session last year.
The tax holiday on gross receipts taxes applies to restaurants, bars, food trucks, small breweries, and more.
The bill’s sponsors include Democratic Senate majority leader Peter Wirth of Santa Fe and Sen. Jacob Candelaria of Albuquerque. Gov. Michelle Lujan Grisham has voiced support for the initiative.
Other proposed relief measures would channel $200 million in grants to businesses who lost income during 2020 amid the pandemic and aggressive emergency health restrictions.