Gov. Michelle Lujan Grisham announced an initiative to cut the state’s gross receipts tax rate, which she said could tally more than $400 million in savings for New Mexicans.

House Bill 367 also could lead to savings for consumers, who might see a reduction in prices of some goods as a result of the savings businesses may receive.

The legislation would lower the state’s gross receipts tax rate an additional quarter-percent — from 5% to 4.625% — and create a deduction for a range of services small businesses contract out to other businesses — accounting, legal and payroll work, for example.

General Assignment Reporter

Robert Nott has covered education and youth issues for the Santa Fe New Mexican. He is assigned to The New Mexican's city desk where he covers a general assignment beat.

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