TAX CHANGES

SB 559 is a comprehensive tax overhaul bill that changes New Mexico's tax structure. It reduces rates for several taxes including gross receipts, gaming, and manufacturer transfers while increasing the bingo/raffle tax. The bill repeals 10+ existing tax acts (like estate tax, gasoline tax, and insurance premium tax) and removes tax credits for rural jobs, affordable housing, and renewable energy. It also creates a new gross receipts tax exemption for nonprofit donations and sets sunset dates for remaining tax credits. This directly affects businesses, local governments (through repealed tax distributions), and nonprofit organizations.