New Mexico Legislature approves tax increase package


SANTA FE, N.M. (AP) – The New Mexico Legislature has approved roughly $280 million from new taxes and fees to bridge a general fund budget shortfall for the coming fiscal year.

The Democrat-led House voted 37-32 on a revenue plan that would raise taxes and fees on gasoline and diesel sales, retail sales over the internet, trucking permits and nonprofit hospitals.

House lawmakers in the Republican minority want any agreement on revenue increases to include an overhaul of the state’s gross receipts tax to eliminate an array tax breaks including exemptions for nonprofits.

Democratic lawmakers warn that without new revenue streams additional funding cuts to public schools and state agencies are inevitable. The new taxes and fees also are designed to rebuild depleted state reserves to protect the state’s credit rating.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Latest Video

Now Trending on

Video Forecast

Grant's Tuesday Evening Forecast

Thumbnail for the video titled "Grant's Tuesday Evening Forecast"
More Weather Video Forecast

Don't Miss

More Don't Miss

The Series Ep2: Social Pressure ➞