New Mexico Legislature weighs tax reforms
January 24, 2019
SANTA FE, N.M. (AP) — State legislators on Wednesday pushed forward with tax reform efforts aimed at reducing state government's dependence on a volatile oil and natural gas sector and providing steady funding for road maintenance, public schools and teacher pay increases.
The legislation seeks to increase annual state revenues by about $100 million at the same time it would shrink reliance on a pillar of the state tax code — the gross receipts tax on sales and business services. It also would increase some state personal income tax rates and the per-gallon tax on gasoline.
Rep. Jim Tru...