Why is it important to have ‘watchdog’ advocates like NMBC? Because we are always pushing for safeguards and proper stewardship of the tax dollars that hard working New Mexico families provide. NMBC does not oppose economic incentives that actually help grow private sector jobs and provide a good ROI (return on investment) to taxpayers. We will, however, always remind elected officials that measurable outcomes must be met by companies who receive tax incentives. Those are called ‘claw-backs,’ in a case like Jabil who received multi-millions in tax incentives to invest in a 3D manufacturing facility and hire employees. The question now is did they meet the ROI objectives? If not, will they be forced to repay the taxpayer incentives? Read more HERE & HERE. Would you like to join our

Under the Corporate Transparency Act (CTA), many companies are now required to report information to FinCEN (U.S. Treasury Financial Crimes Enforcement Network) about the individuals who own or control them. The required information is called BOI (Beneficial Ownership Information). FinCEN began accepting reports on January 1, 2024. The CTA has strict reporting requirements and hefty fines up to $500 per day for late/missing reports. There are two important updates business owners should be aware of: 1) Beware of fraudulent attempts to obtain confidential/privileged BOI information! These fraudulent scams may include: Correspondence requesting payment. There is NO fee to file BOI directly with FinCEN. FinCEN does NOT send correspondence requesting payment to file BOI. Do not send money in response to any mailing that claims to be from FinCEN or another

NMBC is proud to support military veterans including recognition for all veterans at our annual Heroes Banquet and a Veteran of the Year Award. We also support the benefits afforded to veterans in the form of discounts and tax preference. The NM Tax and Rev department is considering a new regulation that would allow military couples in New Mexico to both receive a benefit on property taxes. NMBC encourages the public to support this change in regulations by making comments to the NM Tax and Rev Department. Currently only one veteran exemption is allowed, the change would allow both veterans at the same home to have the exemption. Find out more and how to make comments on this issue HERE.

Last week, your New Mexico Congressional Delegation voted on a major oil and gas bills that affect our nation. So how did your delegates vote? H.R.1121: Protecting American Energy Production Act: The House passed (229-188) the Protecting American Energy Production Act. This bill prohibits the president from declaring a moratorium on the use of hydraulic fracturing, unless such a moratorium is authorized by an act of Congress. It also expresses the sense of Congress that states should maintain primacy for the regulation of hydraulic fracturing for oil and natural gas production on state and private lands. Congresswomen Teresa Ledger Fernandez & Melanie Stansbury voted ‘NO’ on this legislation. H.Res. 987: Denounce Biden Energy Policies: The House adopted (217-200) a resolution, denouncing the Biden administration’s energy policies as “harmful” and “anti-American”