Gov. Susana Martinez wants to tackle the issue of “over-taxation” in the construction industry and is enlisting the help of business groups to get it done.
At a news conference this afternoon, Martinez was flanked by more than 20 business leaders and construction industry officials as she touted a measure aimed at invigorating the slumping industry and creating new jobs.
Specifically, House Bill 184 (you can find it by clicking HERE) would allow contractors to deduct the leasing of equipment, surveying, sanitation and other costs from their gross receipts taxes.
That would address the so-called “tax pyramiding” phenomenon, in which taxes or levied multiple times on goods and services. Martinez has included the issue in her push to approve $55 million in targeted tax breaks.
The legislation, sponsored by Rep. David Doyle, R-Corrales, has been assigned to the House Business and Industry Committee.
Check back later for more updates.
-- Email the reporter at dboyd@abqjournal.com. Call the reporter at 505-992-6281
