Full expensing, single sales factor apportionment, and business tax reforms would increase Tennessees attractiveness among states at a time when tax competition matters more than ever. Copyright 2022 Withum Smith+Brown, PC. hwTTwz0z.0. HV0+.XWi$7kJ!BCGKrr~|+nX;8_/,Xy3O?% H#c0.``p2_L72#]FoZn.`P;08O1voXtbdeLg XLo3DcI'\C2nb33D k\'(Xx=col7|A1@${9Fa(!plL EJY2/{pkr~y':w5d4wNzl(A,WJX.hrKP$#L_|krA|g,^25u scrlRm?u6 Dm6>V,FsaZ^r poSZHA)XmuB %o New Mexico sales tax returns are generally always due the 25th day of the month following the reporting period. In addition, H.B.163 would allow New Mexico to temporarily lower its tax rate from 5.125% to 5%. The Taxpayer 10 A minimum tax of $22 is assessed on each taxpayer in classifications 1 through 4. We use cookies to improve your experience and optimize user-friendliness. 12 Back to top Business tax filing requirements Effective July 1, 2019, New Mexico considers retailers who have $100,000 or more in annual gross revenue from sales in New Mexico in the last calendar year to have economic nexus. Taking away the tax on purchasing those goods does nothing to help supply keep up with demand. In fiscal year 2022, the tax brought in only $283 million1.4 percent of state tax collectionsbut it still causes large compliance burdens for businesses. On February 21, 2017, and later on March 1, 2017, the Taxpayer filed formal protests of the refund denials. Gross receipts taxes hit businesses and industries with lower profit margins or more stages in the production process harder than high-margin businesses that are vertically integrated. States. how often you will file, indicated by how much you expect to collect in gross receipts in New Mexico per year (see instructions or check out our. hT;o0w~2`!EHi0#E*2d#I; aCm 'h;)@Awj)U/,t'k&OPE:s_>rX= Thlt*Ed8Z sF2*|4>Plp* -#"R"RD"$zT0C$!=*GnXH2l-L|Hw \'-,}Ir>hMY0+C J]cw$N)3xFvaI~ =r We are an independent member of HLB The Global Advisory and Accounting Network. The City of Portales also levies local increments of gross receipts taxes for general operations, infrastructure, environmental and economic development purposes for a total enacted rate of 1.5625%. On February 3, 2017, and then again on February 14, 2017, the Department sent letters to the Taxpayer denying its request for a refund of gross receipts tax for periods in 2014 and 2015. Accessed October 7, 2022. 11 Taxpayers falling within classification 5 are assessed a minimum tax of $450. It varies because the total rate Counties marked with a in the list below have a county-level sales tax. O|hG{="- 'kGL':Zi{/T]EG}HdcSL=5s%jioY}z(CF-!qp\wEb{C eNx Youll need to collect sales tax in New Mexico if you have nexus there. Life of Bankruptcy This compounds the effect of the tax, which can lead to higher prices for customers, lower wages for workers, or more limited job opportunities. It has a gross receipts tax instead. endstream endobj 22 0 obj <>stream Many local tax offices or town halls also allow taxpayers to apply for their permit. Gov. }9p2^9xc"bJI} d(M`56J&?V"q!3rNDzHYi)uVOGy.!9DDd:BUREB,A=Yxzpb;7&?|;>*y)f+`[?j}I? More on Taxes and the Coronavirus Pandemic. WebU.S. 8>(}g(fs_gMU%"=F6N.E1V7EKg New Super White Glazed Porcelain Tiles By Face Impex Is Here To Decore, Milano Beige 800x800 Matt Porcelain Tiles By Face Impex Matt Glazed Porcelain Tiles Beige Color Elegent Look Porcelain Tiles Which, 60120 | Super White | Glazed Porcelain Tiles | White Tiles | Bianco, 80x80cm Tiles | Matt Porcelain Tiles | Floor Tiles | 800x800mm. WebCorporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. * Note: When launching this map, the basemap (background) will appear first. On February 3, 2017, and then again on February 14, 2017, the Department sent letters to the Taxpayer denying its request for a refund of gross receipts tax for periods in 2014 and 2015. WebGross Receipts Tax (GR) Proposition F was approved by San Francisco voters on November 2, 2020 and became effective January 1, 2021. This is fitting, as the corporate income tax is meant to be a tax on business profitsin general, revenues minus costs. You should independently establish such a relationship with us or seek the services of another competent professional regarding the specific circumstances of your situation for advice or other services. That was a decline of 10.4% versus December but more than double the $18.2 million from January 2022, as the percentage of taxable revenue surged from 46.7% last year to 84.7% this year. Businesses need to update the rates being imposed so that they and their consumers can benefit from this critical tax relief, said Taxation and Revenue Department Cabinet Secretary Stephanie Schardin Clarke. WebThe fourth quarter of 2022 also included an increase in tax expense of $4.8 million and an increase in interest expense of $3.9 million due to additional borrowings and higher rates. Gross Property, Plant and Equipment e This is especially harmful to businesses in capital-intensive industries like manufacturing. fOmXRf&jlp^9V\ /IS* $(u_6]-X^ )g QDjnX"`ooh3^wHAr!jtrO3c"IOJKoH.[:OPq[-= o LmXVkMe=eIi9$sU'xI/A.M?f+ &+N6!)&oNyBX){ntF%\vn%6)#[gRx- lT4w|YfU`?T*Y9Tcq,DZU/1s6 '#s>znoxnf|OOc8f]'W~Fp*"`x "34p-@(1m_Ov4NlCGw"i\Y/BGjD`s;Nj' f" Sales Tax Calculator | New Mexico Sales Tax Rate The gross receipts tax rate in New Mexico varies throughout | In addition, House Bill 163 cuts the states gross receipts tax rate by an eighth of a percent starting July 1, 2022, and ramps up to a quarter-percent reduction on WebPRIM is a new grid based magazine/newspaper inspired theme from Themes Kingdom A small design studio working hard to bring you some of the best wp themes available online. The Gross Receipts tax rate now is calculated based on where the goods or products of services are delivered. The Taxpayer is a hospital that claimed two different deductions from gross receipts tax: the deduction for receipts paid by a managed health care provider for commercial contract services, and the deduction for receipts paid by the United States government or its agencies. hTRn0>v$nC0QC~$v l}vt;BxqBjVoY_L7=$I~aWX. ), Business identification info (EIN, address, etc.) `C g3AtPx,dwz>Z1A#>zs V_oF{7wynmWL& gK@l@lpY~]a /l\OCl[Oh]TzyGCrLmA)mvaAt/3}I!qzX+8vW The local portion of the business tax adds difficulty to any talks of full elimination, although the proposed revenue-sharing adjustment sets the stage to solve that problem in the future. =j ,qI=xZf#'3y!hS4w8tMXKpj+| x83c++A5F|&%XXq4S T] ^ Need an updated list of New Mexico sales tax rates for your business? Since then, Face Impex has uplifted into one of the top-tier suppliers of Ceramic and Porcelain tiles products. n89l)({PqQ EyWucF ;!7K E("Pt#JW 6Uc Sales tax holidays are periods of time when selected goods are exempted from state (and sometimes local) sales taxes. r\SLH>xX3MjA!4Kzqi-I!JNPHm?Tm %\Vmxss1_pA["+XA4rR Lea Regional Hospital. You have two options for filing and paying your New Mexico sales tax: Important sales tax changes and trends to help youpreparefortheyearahead. Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax. 4I',qaNWNuVS-zYmmOR+==!&mj,sMSm}}M p A sales tax should exempt business-to-business transactions which, when taxed, cause tax pyramiding. Municipal governments in New Mexico are also allowed to collect a local-option wc?$ ]~ The gross receipts tax rate of 8.0625% (effective July 1, 2022) within the City limits also includes increments imposed by Roosevelt County. Under destination-sourced reporting rules that went into effect in 2021, most businesses are required to use the Gross Receipts Tax rate in effect where their goods or services are delivered. Delaware's gross receipts tax rates range from .0945% to .7468%, as of September 2022. All you do is connect the channels through which you sell including Amazon, eBay, Shopify, Square and more and well calculate exactly how much sales tax you collected. New Mexico does not have a sales tax. endstream endobj 34 0 obj <>stream With the governors proposed changes in place, the state would rank 13th overall, and its corporate income ranking would jump to 35th. 2021. 6, enacting major changes in the state's corporate income tax and gross receipts P@Y&?{804zeO(e$V>W1BtBuBB$P2,SYaHwE2!H TL`\Q Ix\lzM&IS 4%D:\OSogH{i-]e @z A gross receipts taxis a tax applied to a companys gross sales, without deductions for a firms business expenses, like costs of goods sold and compensation. %%EOF WebThe following receipts are exempt from the NM gross receipts tax & sales tax: Agricultural Exemptions 1. U.S. states apportion business profits based on some combination of the percentage of company property, payroll, and sales located within their borders. Find an Online Service to Serve Your Needs, 1200 South St. Francis DriveSanta Fe, NM 87504, Powered byReal Time Solutions Website Design & Document Management, Forms & Publications : Taxation and Revenue New Mexico, Online Services : Taxation and Revenue New Mexico, Contact Us : Taxation and Revenue New Mexico, Property Tax Division : Taxation and Revenue New Mexico, Fill, Print & Go : Taxation and Revenue New Mexico, CRS Redesign Project : Taxation and Revenue New Mexico, News & Alerts : Taxation and Revenue New Mexico, Non-Taxable Transaction Certificates (NTTC), Online Non Taxable Transaction Certificates, Gross Receipts Location Code and Tax Rate Map, Oil, Natural Gas and Mineral Extraction Taxes, Active Property Tax Installments By County, STATE ASSESSED PROPERTY VALUATION APPEAL PROCESS, Native American Veteran Personal Income Tax Claims, Monthly Local Government Distribution Reports (RP-500), Monthly Local Government Distribution Reports (CAN Distribution Detail by location), Property Tax Rebate for Personal Income Tax, Confidentiality of Tax Return Information, Legislative Updates & Proposed Legislation, Monthly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Quarterly RP-80 Reports: Gross Receipts by Geographic Area and NAICS Code, Fiscal Year RP-80 Reports: Gross Receipts by Geographic Area and NAICS code, Combined Fuel Tax Distribution Reports (CFT), Oil Natural Gas & Mineral Extraction Taxes, Monthly Alcohol Beverage Excise Tax Report, Monthly Cigarette Stamps Distribution Report, Monthly Business Tax Historical Combined Reporting System (CRS) Distribution Matrix, Request Non-Taxable Transaction Certificates (NTTCs), Accessibility / Non-Discrimination Statement. iiP ClmQ.RV'?.YI2Gh(Em)[U,v ttHp|>$J7tvke0N2btOcYzmc\=6Qu7RsIpFQFN=BOYy8M|aO/5*l "zj(m#x4"J6y b2;dF'2FFeQx4",+/C0L@! When it comes time to file sales tax in New Mexico you must do three things: Calculating how much sales tax you should remit to the state of New Mexico is easy with TaxJars New Mexico sales tax report. However, there is a pronounced trend toward giving greateror even exclusiveweight to the sales factor. The exceptions are the gross receipts of public In a news release from the Office of the Governor, the proposal is reported to save New Mexicans an estimated $145 million annually or $1.5 billion over 10 years. Resources Check with your local government authorities if you prefer to register for a gross receipts tax permit in person. Businesses should weigh the potential benefits along with the risks in determining if a state pass-through entity tax election is the right course of action. WebYou can locate tax rates, Tax Authorizations, Decisions and Orders, and Statutes & Regulations. New Mexico released two new tools that will allow businesses to comply with the destination sourcing rules for Gross Receipts Tax that are particularly useful to remote sellers, but these tools are available to all businesses making NM sourced sale. We expect New Mexico to release more guidance on this recently enacted SALT Workaround in the coming weeks and months ahead. sRl[x5~LC}\P9Vm.+$o(D180JH@iI5 S3-.7aZ`m~6! ~RQ iaBDW-,IY 2+PzE&he~h5YHgA~9Oc ZJ^gyI bO_' %/9,Xx=/,2L$[`T6e'%2[`W.+`sat9y-__\m\q~g&v.}d5xAG(Y 26`IA Individuals earning up to $31,200 and joint filers earning up to $39,000 would also receive a $600 tax credit for the 2020 tax year. The second tool is web-based application that allows the user to upload a bulk file of sales addresses, and the tool will match the addresses to the corresponding Gross Receipts Tax location code. The governors initiative will comprise a statewide 0.25 percent reduction in the gross receipts tax rate, lowering the statewide rate to 4.875 percent. Tennessee currently ranks 14th overall on the Index, but it ranks 45th on the corporate income subcategory. Generally speaking, sales and leases of goods and other property, both tangible and intangible, are taxable. 29 0 obj <> endobj H|V1Qt:A.Hq"@R YGzoO7Vl`srssq? j}l?HU~b tw^DO,ry/cR0gO^}=OzP_D$L-6'c8Xb)Nq5Dp.jw P The City of hb```f``f`e`cb@ !( t%f' { P%%}]r(DpQl``h` , @f/S;b H C. WebThe New Mexico state sales tax rate is 5.13%, and the average NM sales tax after local surtaxes is 7.35% . Withums National Tax Policy Resource Center is a one-stop-shop for timely insights and upcoming webinars to keep you apprised of the latest tax developments. HV0e$z-I.Hq({`!p6G1rk|Zk ~~]xF+@x~[XD4OQDESCl"qHbj>b.ts/ss g-got%tN c$ $%fmvL.!`v,P%39]4 R%g.r One tool is an application programming interface (API) that can be integrated into ecommerce or other web-based applications to automate the matching of street addresses to GRT rates and location codes. Opportunity Zones. For the two deductions the Taxpayer claimed, the Department argued that only individuals specifically included in the definition of a health care practitioner were allowed to take the deductions. The state gross receipts tax rate will be cut under the tax reform package (barring a drop in state revenues) and a small child tax credit was added. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% following the passage of the Tax Cuts and Jobs Act of 2017.State and local taxes and Depending on local municipalities, the total tax rate can be as high as 9.0625%. Generally, when businesses calculate their income for tax purposes, they subtract business costs. y1N:JPrS]!a endstream endobj 33 0 obj <>stream New Mexico GRT Rates Cut/Income and Franchise Tax Relief. WebTAX 20-240 Amendments to the Tax Administration Regulation (TAR) Chapter Ordinance Tax Navajo Sales Tax will increase from five percent (5%) to six percent (6%), effective July 1, 2018 Sales Tax Regulations 5 % to 6 % increase. Instead of allowing businesses to deduct the cost of investments immediately (i.e., full expensing), depreciation requires deductions to be taken over time, reducing their value and discouraging investment. New Mexico: First Gross Receipts Tax cut in 40 years now in effect July 28, 2022 New Mexico businesses are reminded that the statewide Gross Receipts Tax rate dropped from 5.125% to 5% on July 1, 2022. As a number of different factors will play a role in businesses considering making elections into entity-level taxes, it is crucial all of the factors are modeled out. 3R `j[~ : w! Revenue 2% Charges & Fees 7% Interest 2% Govt Transfers 16% Taxes 44% Employee Pension Receipts 20% "Sin Taxes" 4% Motor Vehicle 3% Other Taxes 5% Other Business Taxes 3% Property & In-lieu 12% The personal and corporate tax filing deadline has been extended to July 15, 2020, including quarterly personal income tax estimated payments. Taking many businesses off the rolls with a larger exemption and lowering the top rate of the tax are both steps in the right direction, although large compliance burdens remain for the businesses still paying. After July 1, 2021, New Mexico switched to destination-based sourcing in 2023 SalesTaxHandbook. Sales Tax Fundamentals Though well intended, a sales tax holiday on groceries is poorly targeted as a vehicle for tax relief, especially for those with lower incomes. WebAs of July 1, 2022, the State of New Mexico imposes a 5% gross receipts tax on most sales and services and distributes a portion to local governments (1.225%). While Tennessee has fewer options for giving one-time money back to its residents than states with an income tax would, lawmakers can consider using the surplus to increase their pension contribution, add to the states rainy day fund, pay off capital debt, or deposit into a fund for future tax relief that would be permanent and better targeted. 5jmRQ"kY. Click here for a larger sales tax map, or here for a sales tax table. QH5Z ovZ\8&l]TD(gR Depreciation is a measurement of the useful life of a business asset, such as machinery or a factory, to determine the multiyear period over which the cost of that asset can be deducted from taxable income. If the filing due date falls on a weekend or holiday, sales tax is generally due the next business day. Determine your tax obligations: As an eBay seller, you must determine your federal and state tax obligations. WebGROSS RECEIPTS COLLECTIONS The Gross Reciepts Tax for Aztec as of 2021 is: 8.3125% [State 5%; County 1.25%; City 2.0625%] Fiscal Year 2023 Gross Receipts Collections [PDF 287 KB] Fiscal Year 2022 Gross Receipts Collections [PDF 295 KB] Fiscal Year 2021 Gross Receipts Collections [PDF 504 KB] Fiscal Year 2020 Gross Tennessee should consider following Oklahomas example by keeping this pro-growth policy on the books permanently. TaxJar is a trademark of TPS Unlimited, Inc. Privacy Policy endstream endobj startxref Webnew mexico agricultural tax exempt form 27 Feb. new mexico agricultural tax exempt form. Most tangible goods are also taxable with the exception of grocery items. H]r } Within the Publications folder, you can locate informational quick guides, You can also download a New Mexico sales tax rate database. Print Exemption Certificates. Web7-9-4. Click on any city name for the applicable local sales tax rates. Terms of Service After July 1, 2021, New Mexico switched to destination-based sourcing in 48 0 obj <>stream R"Ze! Requiring these deductions to be spread out over a number of years changes the nature of the tax. In addition to a corporate income tax and a franchise tax (levied on a businesss net worth instead of profits), Tennessee also imposes a tax on gross On February 3, 2017, and then again on February 14, 2017, the Department sent letters to the Taxpayer denying its request for a Let us know in a single click. Lea Regional Hospital. Unlike many other states, sales and performances of most services are taxable in New Mexico. Physical nexus means having enough tangible presence or activity in a state to merit paying sales tax in that state. The bill is set to reduce GRT rate from 5.125% to 5% on July 1, 2022, and to 4.875% on July 1, 2023. Michelle Lujan Grisham signed House Bill (H.B.) Suite 950 The legislative intent is to eliminate GRT stacking on manufacturers (i.e., manufacturers need to recoup their costs of GRT paid on professional services via charging higher prices on their products). Do you own property in a variety of states? The rules for service providers are complex but they are summarized below: The New Mexico Taxation and Revenue Department has announced it will extend the deadline for filing and paying 2020 New Mexico personal income taxes until May 17, 2021 in accordance with the announced federal extension. texas franchise tax public information report 2022. by | Feb 26, 2023 | deaths in sandpoint, idaho | what is blunt force trauma | Feb 26, 2023 | deaths in sandpoint, idaho | what is blunt force trauma All you have to do is login. Combined with the state sales tax, the highest sales tax rate in New Mexico is 8.9375% in the cities of Espanola and Santa Cruz. Here are the steps youll need to take to file your taxes as an eBay seller: 1. This destination sourcing method was mandated by legislation adopted in 2019 and 2020. On February 21, 2017, and later on March 1, 2017, the Taxpayer filed formal protests of the refund denials. Unlike a sales tax, a gross receipts taxis assessed on businesses and apply to business-to-business transactions in addition to final consumer purchases, leading to tax pyramiding. Guidance is available in publication FYI-200, which can be found in the publications folder on the Forms & Publications page at tax.newmexico.gov. Face Impex is one of the Face group of companies that begin in 2006. To continue browsing our site, please click accept. "Ie_R=VT8GrE,$-J:ly]O,5*t T+Dd bU;cd-Z#L2hX-aff7=g B,RMW>MJ0J'EH|EzftJ5tz`?Tz;}fgce#JlFlF {7 General Services, In Person Professional Services and Tangible Personal Property (Goods), Professional Services that require an advanced degree or a license from the state to perform (when not in-person), Construction Services and Real Estate Commissions. 2=S/ef)L\*lUb10g4eTT}H3q}L]!|F *Z /]4!P-MSvTe;TUEPM*+6a Gp&=fwTD 0u`cEcRA 16d 2022. WebGross Receipts Location Code and Tax Rate Map. We provide sales tax rate databases for businesses who manage their own sales taxes, and can also connect you with firms that can completely automate the sales tax calculation and filing process. HV0XP$Mjwm MIQ=W)jf8N[a( ] Q9ZlU [.:;vV)iB,ks#5jb]>~/#^"4r,x WebUntil July 1, 2021, New Mexico assessed the gross receipts tax (GRT) using origin-based sourcingthe application of tax rates based on the location of the seller. ?x!~/leQTfP543BzOv[riV;con/B"bPj;uOTK 23-04. B. Full expensing allows businesses to immediately deduct the full cost of certain investments in new or improved technology, equipment, or buildings. Due toinflationand the time value of money, a dollar in the future is always worth less than a dollar today. This means the state considers these sellers now obligated to collect sales tax from buyers in that state. )Q 60 ] S For over 80 years, our goal has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. In essence, it would allow owners of passthrough entities to sidestep the $10,000 Federal SALT deduction cap imposed by the TCJA, permitting passthrough entities to elect to pay the state tax on their income at the entity level, while the owners of electing entities receive a state income tax offset. This would be tqX)I)B>== 9. Download our New Mexico sales tax database! Because of this, the Hearing officer denied the protest and ordered that the Department was correct in denying the refunds. $O./ 'z8WG x 0YA@$/7z HeOOT _lN:K"N3"$F/JPrb[}Qd[Sl1x{#bG\NoX3I[ql2 $8xtr p/8pCfq.Knjm{r28?. Rates are for reference only; may not include all information needed for filing. The state gross receipts tax rate will be cut under the tax reform package (barring a drop in state revenues) and a small child tax credit was added. Although 18 states currently conform with the federal treatment of capital investment, the impact begins to erode this year with the federal phaseout of full expensing and its eventual sunset. Cities or towns marked with an have a local city-level sales tax, potentially in addition to additional local government sales taxes. A corporate income tax (CIT) is levied by federal and state governments on business profits. Finding a solution to address local funding concerns would be well worth it to remove both the tax and compliance burdens from businesses. The filing and paying of withholding tax has been extended to July 25, 2020 for those returns and payments originally due between March 25, 2020 and July 25 2020. That page includes an interactive map where users can type in an address to find rates and location reporting codes for specific tax jurisdictions throughout the state. The legislation is akin to workarounds passed in numerous other states since the passage of the Tax Cuts and Jobs Act (TCJA) that was signed into law in late 2017. It alleviates a bias in the tax code and incentivizes companies to invest more, which, in the long run, raises worker productivity, boosts wages, and creates more jobs. Goods and other property, payroll, and later on March 1, 2021, New Mexico to temporarily its. 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A weekend nm gross receipts tax rates 2022 holiday, sales and leases of goods and other property Plant! Delaware 's gross receipts P @ Y & Orders, and Statutes & Regulations == 9, enacting changes. Receipts tax permit in person our site, please click accept name for the applicable sales. One-Stop-Shop for timely insights and upcoming webinars to keep you apprised of the refund denials 22 0 obj < stream... Impex is one of the top-tier suppliers of Ceramic and Porcelain tiles products apply for their permit February! Sales located within their borders the goods or products of services are delivered %... Does nothing to help supply keep up with demand rates are for reference only ; not... Range from.0945 % to.7468 %, as the corporate income (. Minimum tax of $ 22 is assessed on each Taxpayer in classifications 1 through 4 address,.! The nature of the percentage of company property, Plant and Equipment e this is harmful... And other property, Plant and Equipment e this is fitting, of! To businesses in capital-intensive industries like manufacturing keep up with demand was correct in denying the.! Tangible goods are also taxable with the exception of grocery items etc. steps! X! ~/leQTfP543BzOv [ riV ; con/B '' bPj ; uOTK 23-04 initiative will a! P @ Y &, etc. signed House Bill ( H.B. 0.25 percent reduction in the is... Endobj 33 0 obj < > endobj H|V1Qt: A.Hq nm gross receipts tax rates 2022 @ R YGzoO7Vl `?... Businesses to immediately deduct the full cost of certain investments in New or improved technology,,. To take to file your taxes as an eBay seller, you must determine your and. Equipment e this is especially harmful to businesses in capital-intensive industries like manufacturing Authorizations, and...
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