tax cuts

Starting in the 2025 tax year, New Mexicans will see the impact of the first major adjustment to the state’s income tax structure since 2005. All state taxpayers will owe less, but especially those who make the least.

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.

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.

Significant tax reforms are expected to move through the Roundhouse this year with bipartisan support. Bill Jordan with New Mexico Voices for Children is calling for lawmakers to create a more equitable tax code — not only with an eye towards income levels, but race and gender as well.

Matt Grubs from New Mexico PBS breaks down the decision by the house to table House Bills 29 and 77. The bills would provide a tax break to all New…