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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.
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New Mexico has the highest rate of alcohol-related deaths in the nation and the situation has gotten even worse since the pandemic. Despite this, state lawmakers this session failed to pass any substantive measures to curb the crisis. Public health reporter Ted Alcorn has long covered the issue for New Mexico in Depth. He spoke with KUNM about a debate over whether and how to change the way the state taxes alcohol. Democrats filed competing bills this year, neither of which got to the governor.
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New Mexico lawmakers will once again not raise taxes on alcohol this year, nor redistribute more of the revenue to treatment and prevention. Neither of two competing bills amending the liquor excise tax made it out of the House Taxation and Revenue Committee Friday.
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New Mexico has not raised its alcohol excise tax since 1993, but not for lack of trying. Numerous bills have been introduced over the last three decades, but none have been signed into law. Last year, an increase made it through the Roundhouse only to be vetoed by Gov. Michelle Lujan Grisham. This year, lawmakers in the state with the highest alcohol-related death rate in the country are giving it another go.
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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.
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New Mexico residents with low incomes can apply for state economic relief beginning Monday, June 12. The payments are for those who don’t qualify for the tax rebates that start going out next week. Though officials recommend retroactively filing a tax return, and getting access to a rebate instead, if possible.
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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.
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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.
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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.
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Childcare is expensive. But in New Mexico, the Early Childhood Education and Care Department provides subsidies to help contractors meet the needs of many families. All programs that provide the same services in the same type of facility for the same age groups get the same amount, but for-profit providers pay tax on those state dollars that nonprofit and government programs do not. Private providers are now asking the state Legislature to change that.