Tax

After the governor made massive cuts to the Legislature’s tax relief bill last year, lawmakers are proposing an even more conservative approach than she is this time around.

New Mexicans who were eligible to file their taxes for free through the IRS but instead paid to file through a TurboTax product marketed as “free” are receiving payouts from a multistate settlement. Eligible consumers don’t need to do anything to receive a check in the mail this month.

A tax reform package got the go-ahead from the New Mexico House late Sunday with a few substantial changes. The amended bill increases the amount all taxpayers will get in direct payments and nixes a proposed tax hike for New Mexicans who make the most.

The House Taxation and Revenue committee has been hearing tax proposals for 48 days and, on Monday, it passed a bill that compiles around 20 of them into a comprehensive package. It includes a significant reduction of direct payments called for by the governor in order to make room for other reforms.

New Mexico legalized recreational cannabis in 2021 with intentions to support communities disproportionately harmed by its criminalization. Sales opened last year and a bill now moving through the Legislature aims to finally funnel some of the tax revenue into local health and equity work.

Consultancy finds the state's revenue projections could be overstating aggregate revenues from oil and gas by between $26 billion and $36 billion over the next 15 years.

Legislation to reduce “pyramiding” in New Mexico’s tax code will likely be proposed this legislative session. While the move could provide relief for small businesses and consumers, it’ll also reduce the recurring revenue of the state’s gross receipts tax.

Democratic New Mexico Gov. Michelle Lujan Grisham expressed optimism Wednesday that legislators will embrace her proposals for tax cuts with a little over a week left in the annual regular legislative session, coupled with disbelief that Democratic legislators are hesitating to back major crime-fighting initiatives.

Santa Fe County is holding a special election Tuesday to decide whether to raise the gross receipts tax to fund behavioral health services.If voters…

KUNM Call In Show 5/25 8a: Call toll-free 877-899-5866. Lawmakers return to Santa Fe Wednesday for a special legislative session devoted to resolving an…