Governor Michelle Lujan Grisham had another bill signing spree yesterday as the Friday deadline for regular session bills gets closer. One of the bills of note from yesterday’s action was House Bill 291. This bill was one of the worst attacks against New Mexicans and most especially against business owners. The bill passed and was signed by the Governor yesterday but thankfully was gutted in committee to remove the more egregious tax increases.
The original bill increased income taxes starting at $75,000 married filing independently and went up significantly from there. In addition, it increased corporate taxes 60% over five years and took away most of the exemption for capital gains deductions. This bill was gutted in Senate Finance of all tax increases. Special thanks to Senator Munoz, who submitted the amendment, and Rep Martinez who agreed to it as well as all of the Senators who supported it in committee. Under the just-signed version of House Bill 291, the maximum rebate for one of the two tax breaks will now rise to $730 per year, depending on family size and income levels, up from $450 under current law.
The other contentious bill signed by the Governor yesterday was NM’s decennial redistricting legislation. Senate Bill 304 will create a seven member committee that will create and propose three different maps for NM’s congressional and legislative districts for lawmakers to decide on. Unfortunately this bill will not do much to stop wanton gerrymandering since state legislators retain the ability to amend the maps as they choose. Click HERE to read more.