KVIA.com – The state Senate has unanimously approved a tax break for mutual and hedge funds that locate in New Mexico.The proposal approved today is part of a package of tax reductions recommended by Governor Richardson.It removes the gross receipts tax from wholesale broker transactions and from management fees paid to operate a fund.
Its sponsor, Republican Senator Sue Wilson Beffort of Albuquerque, says the tax break is designed to encourage financial firms to relocate to the state.
