Here’s a look at some local news brought to you by Silver City Radio.
In state Legislative news, Governor Lujan-Grisham signed House Bill 163 that according to a news release, exempts social security income from taxation and cuts the state’s gross receipts tax rate for the first time in 40 years. In addition, House Bill 163 cuts the state’s gross receipts tax rate by an eighth of a percent starting July 1, 2022, and ramps up to a quarter-percent reduction on July 1, 2023, saving New Mexico businesses and consumers nearly $200 million when fully implemented. Some other changes that are included in House Bill 163 are as follows:
- A new refundable child tax credit of up to $175 per child
- A one-time, refundable income tax rebate of $500 for married couples filing joint returns with incomes under $150,000, and $250 for single filers with income under $75,000
- A three-year income tax exemption for armed forces retirees
- A one-time $1,000 refundable income tax credit for tax year 2022 for full-time hospital nurses
- An extension of the solar market tax credit, worth 10% of the purchase and installation cost of a solar power system
- Creating a gross receipts tax deduction for feminine hygiene products
- A new gross receipts tax deduction for certain professional services sold to manufacturers
The Continental Divide Trail Coalition is returning to Silver City to host the 6th Annual Continental Trail Days from April 22nd to 24th. The festivities include a speaker series and CDT Community Fiesta on Friday, April 22; a festival in Gough Park in partnership with Gila Earth Day on Saturday, April 23; and community hikes on the CDT on Sunday, April 24. Find out more about Trail Days at continentaldividetrail.org/trail-days-2022/
This has been a look at some local news. Thank you for listening to Silver City Radio.