LFC proposes increase in spending; Lawmakers propose eliminating tax on social security income

Legislature

SANTA FE, N.M. (KRQE) – The state’s Legislative Finance Committee rolled out their $7.3 billion budget Tuesday. Under the LFC Budget Proposal, it would increase spending by 4% or nearly $300 million.

Most of the money would go towards public education. The LFC recommends giving teachers and state employees a 1.5% pay praise, the governor’s proposed budget plans did not include pay raises. These budget recommendations are something lawmakers will comb through in the upcoming legislative session.

Meanwhile, lawmakers are bringing back a proposal to eliminate taxes on social security income. The same idea was introduced during last year’s legislative session, with backers arguing it would relieve a burden on senior citizens. But those against it worried about the hit to state revenue, which they said would be as much as $100 million.

Democrats and Republicans were both split on the proposal and it stalled. Now three Republicans, Representative Cathrynn Brown, Rep. Rebecca Dow, and Rep. Gail Armstrong have introduced it again for the upcoming session.

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