THE NEW MEXICO HOUSE APPROVES A BUDGET PROPOSAL THAT INCLUDES A NUMBER OF TAX HIKES. HOUSE MEMBERS SIGNED OFF ON THE 6-POINT-1 BILLION DOLLAR PLAN LATE WEDNESDAY AFTER HOURS OF DEBATE … AND DESPITE OPPOSITION FROM GOVERNOR MARTINEZ AND REPUBLICANS.
THE PACKAGE INCLUDES 265 MILLION DOLLARS IN TAX AND FEE HIKES MEANT TO HELP PAY FOR THE SHORTFALL. HOUSE DEMOCRATS SAY THE BUDGET AND ITS TAX HIKES SHOULD HELP THE STATE AVOID A SECOND DOWNGRADE IN ITS BOND RATING.
GOVERNOR MARTINEZ HAS VOWED TO VETO ANY TAX HIKES, BUT SAYS SHE’S OPEN TO REPEALING CERTAIN TAX LOOPHOLES.
