With an eye on the state’s budget shortfalls and widespread business woes from COVID-19, legislators are working on solutions, but seem to be unsure about what they’ll be aside from dipping into the State permanent funds. A bill currently being put together by state representatives aims to help businesses, landlords and tenants cope with the financial hardships from the shutdown by withdrawing $500 million from the state’s Severance Tax Permanent Fund. The bill is being sponsored by Rep. Daymon Ely, along with Rep. Andrea Romero and others.
Additional ideas being floated by legislators are providing tax relief, additional loans from the state specifically for small businesses, and waiving interest and penalties on late property and personal income taxes. But all of these good intentions and big ideas might not even get taken up by the legislature when the special session starts on June 18th. With out any concrete proposals or actual legislation having been submitted to either the State or regular New Mexicans, we have to wonder what the plan is for cleaning up the economic mess the state is in. Read more HERE.