I am writing today to announce the closure of the New Mexico Independent. After three and a half years of operation in New Mexico, the board of the American Independent News Network, has decided to shift publication of its news…
While environmental activists played their part yesterday during demonstrations at the capitol building, going so far as to dress up as solar panels and to sing the tune of “You Are My Sunshine,” their counterparts, the anti-cap-and-trade contingency who has…
Roughly one quarter of University of New Mexico students are unimpressed with the state’s flagship public school, according to a survey that questioned college students about their higher education experiences.
LFC Chart showing how a revenue raising package might look.
An analysis prepared for the Legislative Finance Committee—but not widely distributed—showed that at least $50 million could be raised this fiscal year through sin taxes and other measures.
The report was issued three days before the start of the special legislative session, and although several lawmakers had requested such an analysis, it just began to make the rounds of the Capitol on Wednesday.
Gov. Bill Richardson has prohibited state lawmakers from considering tax measures in the special session, despite the protests of some Democrats and at least one Republican.
“I am certainly disappointed the governor refused to put raising revenue on the table,” said Rep. Eleanor Chavez, D-Albuquerque, in reaction to the revenue chart. “It certainly seems prudent to begin planning now for the disaster that is coming. We are being put in the position of having to cut even more at the beginning at 2010.”
Despite five days of work, as of Wednesday night, state lawmakers still had not agreed on how to close a $650 million shortfall for the year that ends June 30.
The report, prepared for the chairman of the Legislative Finance Committee, Rep. Luciano “Lucky” Varela, D-Santa Fe, shows that the $53 million could be found by raising the motor vehicle excise tax by 1 percent, increasing the liquor excise tax by 10 cents a drink, and raising franchise and tobacco taxes—starting immediately.
Another $100.4 million could be raised through other measures in 2010, but the funds would be collected through income tax returns, delaying their availability.
For the year that starts July 1, the measures would raise approximately $545.8 million, including $238 million by increasing the top income tax rate by 1 percent.
Varela described the request as “well intended,” rather than a serious attempt to solve this year’s shortfall Wednesday.
“If the governor would have allowed us on his proclamation to look at revenue enhancements, then we would have been able to get some kind of number,” Varela said Wednesday.
The report’s existence comes days after state lawmakers participated in a heated debate over whether to make just deep cuts or balance with tax increases.
Richardson has said he’s “prepared to consider a comprehensive, well-reasoned revenue package,” but has told state lawmakers that he won’t consider such a package until the January regular session.
