House bill would raise gasoline, income taxes
SANTA FE – New Mexico lawmakers have started wading once again into the murky waters of the state’s tax code, with majority Democrats saying the time is right for sweeping changes.
A bill debated Wednesday in a House committee would increase the state’s gas tax rate by 10 cents a gallon, create new personal income tax brackets for individuals making more than $23,500 annually and eliminate about 30 existing tax breaks.
Those changes, along with others included in the bill, would allow for a decrease in the state’s base gross receipts tax rate and would increase state and local revenue levels by an estimated $333 million by the 2022 budget year.
“We need tax reform, and we need stable revenue; we know that much,” said Rep. Javier Martínez, D-Albuquerque, after a meeting of the House Taxation and Revenue Committee.
Read more: https://www.abqjournal.com/1272109/house-bill-would-raise-gasoline-income-taxes.html
