$100,000 STANDARD GRT DEDUCTION

SB 141 proposes to increase New Mexico's corporate income tax rate from 5% to 6.9% and establish a $100,000 gross receipts threshold for out-of-state businesses to be subject to state taxation. It creates a new $100,000 deduction for businesses that did not claim tax credits or deductions in the previous year, provided they maintained business activity throughout that year. The bill also includes $100,000 in funding for tax administration software updates. This legislation, introduced by Senator Peter Wirth, was referred to committees but postponed indefinitely on June 3, 2025, and would affect businesses with significant New Mexico sales activity.