Mon. Apr 22nd, 2024

LEGISLATIVE UPDATE: HOUSE PASSES LARGEST TAX INCREASES IN STATE HISTORY

SANTA FE (KSMX) – In the Legislative update, the New Mexico House of Representatives voted late Friday in favor of changes to the state tax code, which would increase some personal income tax rates as well as impose new taxes on e-cigarettes, nonprofit hospitals and online sales; the AP reports. Following hours of debate, the bill was approved 40-25, as sponsors of the bill are working to trim the state government’s dependence on income from the oil sector, shifting some of that burden to taxpayers. Those who oppose the bill say the tax proposal would represent the largest tax increase in state history, affecting all New Mexico families, not just the affluent.

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