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Legislative Session Update 3/4/2021

  • Post published:March 4, 2021
  • Post category:News

17 days remain in the legislative session and we’re seeing more and more activity on bills as lawmakers begin to see the finish line. With just over two weeks left and almost 900 bills submitted, this is crunch time and we should expect to see the list of bills thinning out. Yesterday New Mexico had some great wins worth celebrating:

  • HB 236 Public Banking Act was tabled in the House on an 18-1 vote.  This is great news for New Mexico and stops the state from creating it’s own banking system.  NMBC believes that believe that community banks excel in being a quality community partner and meeting the needs of small businesses and consumers. There are over 220 community banking locations throughout the state, safely providing 60 percent of all small business loans and more than 80 percent of all agriculture loans. Tabling this bill will protect those institutions and prevent taxpayer money from being tied up in bloated state banking systems.  
  • The Governor signed SB 1 which will  give restaurants, bars and other food and beverage establishments most affected by business restrictions a one-time gross receipts tax holiday for four months, from March to June. The bill also would provide one-time, $600 tax rebates to New Mexicans who earn less than $31,200 annually.
  • The Governor also signed  SB 3 that will provide small businesses with low-interest loans up to $150,000 that they wouldn’t have to repay for a few years. The loans could be used for capital expenses, such as building an outdoor dining area at a restaurant to adapt to the challenges posed by the pandemic.