HB 547 Omnibus tax bill takes several tax increases proposed in separate bills throughout the session, significantly decreases the taxpayer rebate promised, and rolls all of them into one torturous bill that should not even be considered – especially at a time the state has a $3.6 billion surplus!

The bill increases personal taxes for most New Mexicans and takes away almost all the capital gains tax deduction which will be yet another disincentive for savings and investment. This will hurt individuals and businesses, which will impact job creation and state revenue. HB 547 also raises taxes on many corporations and on personal consumption products like alcohol and tobacco. Read a full analysis on HB 547 with commentary HERE.