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.
The Senate Finance committee approved a bill Tuesday that combines most of the tax measures state lawmakers have contemplated during this week’s special session — and some that they haven’t.
Lawmakers voted along party lines to pass the measure that would generate roughly $240 million in new revenue.
The bill would do that by increasing the state’s gross receipts tax by a 1/8 of a penny, closing a state income tax deduction used by people who itemize their taxes and requiring the state’s compensating tax to be paid on goods purchased from an out-of-state seller that doesn’t have a physical presence in New Mexico.
The proposal also would allow the state to take back $68 million it gives to the cities and towns around New Mexico annually. The state gave cities and towns that money after repealing the gross receipts tax on food several years ago. Albuquerque receives between $34 million to $37 million a year, city officials said Monday.
To make up for the revenue they likely will lose, the state would automatically impose a local gross receipts tax on food so the cities and towns could collect that revenue.
The $240 million generated by the tax package is slightly more than the $233 million legislative leaders agreed to as part of a tentative state budget plan.
There were signals early Tuesday evening that the Senate might take up the bill on the Senate floor.
The gross receipts tax and the money grab from towns and cities have been part of the discussion during this special session.
The GRT increase would raise $60 million.
Closing the income tax deduction would generate $66 million while collecting compensating taxes on goods purchased from out-of-state sellers would net $11.6 million.
