New Mexico – Proposed Tax Increases Head To House Floor

SANTA FE – Personal income tax cuts signed into law in 2003 by former Gov. Bill Richardson would be essentially wiped off the books under a sweeping tax package that’s headed to the House floor.

Members of the House Taxation and Revenue Committee voted 8-5 along party lines Wednesday to approve the measure, which would increase some tax rates – including personal income taxes on higher-earning New Mexicans – while also broadening tax breaks for families.

Backers of the bill, House Bill 6, said the state needs more stable revenue streams to pay for a proposed increase in spending on public schools and other programs.

For The Full Story: AlbuquerqueJournal

by dan boyd/journal capitol bureau chief
february 27, 2019