ALBUQUERQUE, N.M. (KRQE) – Albuquerque residents could be paying more for purchases made in the city. Two city councilors are proposing an increase in the sales tax to fund new development projects and raise pay for city staff.
When going shopping, eating out, or making any purchase in the city of Albuquerque, people typically pay a gross receipts tax (GRT). Now, a new proposed ordinance could increase that rate by 0.4875%. “We’re proposing to raise a tax very small, and that equals less than half a penny for every dollar spent,” said Brook Bassan, Albuquerque City Councilor.
Councilor Joaquín Baca and Brook Bassan are sponsoring the Ordinance (O-26-16) to raise GRT in the city. The rate currently stands at 7.625%, but if approved, the GRT would be 8.113%. Councilor Bassan said that the increase could generate approximately $140 million over the course of a year…