State Appeals Court rejects 'chemical' refund case
SANTA FE – The New Mexico Court of Appeals has rejected a tax protest from a coal company that – along with various other companies – had sought to claim a hefty refund under a rarely used tax deduction on the state’s books.
A flood of more than 30 refund claims filed in the last four-plus years under the tax incentive could have cost the state and local governments more than $100 million annually in lost tax revenue, if they had been uniformly granted.
That’s according to a fiscal analysis of legislation passed during this year’s 60-day session that was aimed at tightening the tax incentive’s language.
“We thought we’d successfully tightened it, and apparently we have,” said Sen. John Arthur Smith, D-Deming, the Senate Finance Committee chairman, in response to the Court of Appeals’ ruling.
Read more: https://www.abqjournal.com/1323790/state-appeals-court-rejects-chemical-refund-case.html