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Friday, June 27, 2014 - 12:34pm
Las Cruces, NM (KDBC) — The City of Las Cruces reminds business owners and residents that the Gross Receipts Tax collected on the sale of goods and services will increase from the current 7.5625% to 7.9375% on Tuesday, July 1, 2014.
The increase is the result of the three-eighths of 1 percent change in the GRT rate approved by City Council in October 2013.
The increase will help offset revenues lost as a result of the state legislature’s repeal of the Hold Harmless reimbursements to municipalities for taxes that would have been collected on food and medicine.
The amount of lost revenue to the City from repeal of the Hold Harmless is approximately $8.5 million annually.
Revenue generated from the increased GRT will fall just short of that amount.