New Mexico Senate weighs tax increases, spending plan
SANTA FE, N.M. (AP) — The New Mexico Senate is deliberating a budget plan for the coming fiscal year that shores up funding for public school, courts and most state agencies by raising taxes on everything from internet retail sales to vehicle purchases, gasoline and nonprofit hospitals operations.
The full Democrat-led Senate convened Saturday with one week left in the session to resolve how to pay for a $6.1 billion general fund spending wish list for the coming fiscal year.
Republican Gov. Susana Martinez looks likely to veto portions of any plan that contain outright tax increases but has indicated a willingness to close tax loopholes.
Architects of the Legislatures general fund spending bill and companion revenue proposal are trying to avoid further spending cuts after slashing current school funding and agency budgets.
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