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