Legislation would extend tax exemption

CNJ staff

Legislation sponsored by Sen. Stuart Ingle, R-Portales, would keep in place a gross receipts tax exemption for building contracters working at Cannon Air Force Base.

The Senate Corporations and Transportation Committee passed Senate Bill 160 earlier this week, and the legislation is now heading to the Senate Finance Committee.

The exemption is set to expire July 1.

“The community should feel the benefits of extending this deduction,” Ingle said, “because when the military has to pay less, the military can build more and that translates into more wages being paid by contractors that are able to flow in the local economy.”