House Approves Tax Reform Bill

THE SWEEPING TAX REFORM BILL THAT WAS PASSED BY THE STATE HOUSE IN SANTA FE LATE FRIDAY WOULD GENERATE AT LEAST 320-MILLION MORE DOLLARS A YEAR FOR NEW MEXICO’S GENERAL FUND. IT WAS APPROVED ON A 40-TO-25 VOTE AND IT’S BEING CALLED ONE OF THE BIGGEST TAX HIKES IN STATE HISTORY.

HOUSE BILL 6 WOULD IMPOSE A TAX ON ALL SALES ONLINE … HIKE THE TAX ON CIGARETTE SALE BY A DIME PER CIGARETTE … REPEAL STATE LAW ALLOWING US TO DEDUCT HALF OF OUR CAPITAL GAINS INCOME ON PERSONAL INCOME TAX FORMS AND INCREASE THE EXCISE TAX ON MOTOR VEHICLES FROM 3 PERCENT TO 4-POINT-2 PERCENT. THE MEASURE WOULD ALSO BROADEN INCOME TAX BRACKETS AND HIKE THE TOP PERSONAL INCOME TAX RATE FROM JUST UNDER 5 PERCENT TO 6-AND A HALF PERCENT.

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