House bill would raise gasoline, income taxes
SANTA FE New Mexico lawmakers have started wading once again into the murky waters of the states tax code, with majority Democrats saying the time is right for sweeping changes.
A bill debated Wednesday in a House committee would increase the states gas tax rate by 10 cents a gallon, create new personal income tax brackets for individuals making more than $23,500 annually and eliminate about 30 existing tax breaks.
Those changes, along with others included in the bill, would allow for a decrease in the states base gross receipts tax rate and would increase state and local revenue levels by an estimated $333 million by the 2022 budget year.
We need tax reform, and we need stable revenue; we know that much, said Rep. Javier Martínez, D-Albuquerque, after a meeting of the House Taxation and Revenue Committee.
Read more: https://www.abqjournal.com/1272109/house-bill-would-raise-gasoline-income-taxes.html