According to the New Mexico Restaurant Association, only 500 restaurants in the state have taken advantage of the Gross Receipts Tax Deduction/Rebate that was authorized by the state legislature to aid pandemic-impacted New Mexico restaurants.

Senate Bill 1, passed during the 2021 legislative session, allows restaurants to keep as a tax deduction the gross receipts tax charged for sales of prepared food and drinks made after March 1, 2021 and before July 1, 2021. Fast-food restaurants are not eligible, however, mobile and food truck businesses can take the deduction.

Out of concern that so few restaurants have taken advantage of the deduction, the New Mexico Restaurant Association is offering a webinar at 2:00 pm on Wednesday, June 16. Participants will learn from the New Mexico Taxation & Revenue Department if their restaurant qualifies, how to report the tax and deduction, and how to amend previously submitted reports that did not include the deduction within the allowable time period.

Register on the New Mexico Restaurant Association’s website events page.