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City economist: state ‘‘hold harmless’’ error inflated July GRT; true growth about 4.5%
Summary
City Economist Christine Burner told the Albuquerque City Council that an administrative error at the State Taxation and Revenue Department temporarily inflated July gross receipts tax growth to 13.7%, and that the underlying July growth was about 4.5% after the correction.
City Economist Christine Burner presented the city’s July gross receipts tax (GRT) report and told the Albuquerque City Council that a State Tax Department administrative error briefly inflated the month’s reported growth. "They freely admitted this," Burner said of the department, which mistakenly posted a negative correction one month and a double payment the next.
Burner said the left-most column on the city’s monthly GRT table shows the month-to-month change for July, and the figure reported in the city’s packet reflected the…
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