HB 291 Tax Changes by Reps Martinez, Chandler, and McQueen. This bill is a redistribution of wealth measure that by 2025 will raise $116 million/year and give $100 million/year to those making less. That is, IF people stay in NM to see it happen.
The bill will: 1) increases income tax rates beginning at $75,000 married filing separately and up, which hits 80% of businesses that pay business taxes as a pass through at their personal rates; 2) reduces capital gains exclusions of 40% or $1,000 to a flat $1,000 unless it’s a business sale with strict requirements; and 3) increases corporate taxes 60% over 5 years.
It got only a single House committee and has passed its first Senate committee on a party line vote with Republicans voting against. It passed the full House with all Republicans, Rep Anderson (DTS) and Reps Madrid and Sweetser, both Democrats, voting against it.