By BRANDON MESSICK
Daily Press Staff Writer
State Senator Carroll Leavell (R-Eddy County) sponsored SB 106 in January with the hope of bringing New Mexico in line with federal tax guidelines and improving the state’s economic development. The bill would change state guidelines for tax requirements, allowing businesses up to 20 years to carry over and deduct net operating losses from income they report each year for income tax purposes.
Current state laws only allow five years to carry over losses, and according to Leavell, it’s not enough. … For the rest of the story, subscribe in print and on the web.