This bill amends the Liquor Excise Tax Act in New Mexico by increasing the rates of the liquor excise tax imposed on wholesalers selling alcoholic beverages. The new rates include an increase for spirituous liquors from $1.60 to $1.92 per liter, for beer from $0.41 to $0.49 per gallon, for wine from $0.45 to $0.54 per liter, and for fortified wine from $1.50 to $1.80 per liter. Additionally, the tax on cider is raised from $0.41 to $0.49 per gallon. These adjustments aim to reflect current market conditions and potentially increase state revenue from alcohol sales.

The bill also maintains specific tax rates for microbrewers, small winegrowers, and craft distillers, ensuring that they benefit from lower tax rates on their products based on production levels. The effective date for these changes is set for July 1, 2025, allowing stakeholders time to adjust to the new tax structure. Overall, the bill seeks to modernize the taxation framework for alcoholic beverages in New Mexico while supporting local producers.

Statutes affected:
introduced version: 7-17-5