SANTA FE, N.M. (KRQE) – As legislators finish up their last few days, the heat is on to pass the state’s budget and tax bills. In a big tax package, legislators are eyeing restructured income tax brackets and some rebates for New Mexicans.
Tax bill
House Bill 547, an omnibus tax package, would adjust a range of tax rates across the state. For example, the version currently under debate would increase liquor excise tax rates (which help fund things like DWI reduction). The bill would also give rural healthcare workers a tax credit and would offer tax credits for electric vehicles.
The bill would also adjust how much income tax New Mexicans pay. The bill would change the brackets, essentially allowing individuals in the lower tax brackets to pay a lower tax rate. The new brackets would increase the amount of income tax paid by New Mexico’s wealthiest individuals and families.
The bill also seeks another round of rebate checks for New Mexicans. The latest amendments to the bill suggest giving individuals $500 dollars and giving joint-filing households $1,000.
The tax bill passed the House on Saturday, March 12. But the terms are subject to further debate by Senators.
Memorials
In the midst of the big bills debated during the legislative session, it’s easy to miss all the memorials New Mexico’s lawmakers pass. While memorials don’t change New Mexico’s laws, they do allow lawmakers to make statements and show appreciation for various people.
In effect, memorials reveal what New Mexico’s legislators care about. So, what are some of the memorials passed this year?
The long list includes memorials creating “Fentanyl awareness day,” “Missing and Unidentified Persons Day,” and “Senator John Pinto Day.”
This year, legislators also used a memorial to commemorate Loren and Barbara Nelson. The two helped bring the Dolly Parton’s Imagination Library program to New Mexico. The program has sent out more than 156,900 books to kids in Grant County, according to the memorial.
