HOBBS, N.M. (AP) - It’s only few months into the fiscal year and a booming southeastern New Mexico county is already seeing record-breaking gross receipts tax numbers.
The Hobbs News-Sun reports (https://goo.gl/5Lrk58) that Lea County officials report September saw gross receipts tax revenue of $1.6 million. That tops last year’s September numbers by more than $500,000. Officials say July and August also saw gross receipts tax revenue higher than last year’s numbers.
Gross receipts are defined by the state as the total amount of money businesses receive through selling or leasing of property or goods in New Mexico, or through performance of services.
The news comes as the county’s biggest city - Hobbs - broke a gross receipts tax record in August. The booming eastern New Mexico oil and gas town reported $7.87 million in gross receipts tax from July business activity.
Information from: Hobbs News-Sun, https://www.hobbsnews.com
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