Rewrite of New Mexico tax code not likely in 2018 [View all]

SANTA FE – Democratic legislative leaders say a broad rewrite of New Mexico’s tax code – a priority of Republican Gov. Susana Martinez – isn’t likely to pass in the coming 30-day session.

But substantial changes are still possible, they said, including removing some of the exemptions that riddle the gross receipts tax system and taking some steps to address the “pyramiding” problem that burdens business-to-business transactions.

Martinez and House Republicans, however, have pushed for more expansive changes they say would simplify the tax system, broaden the tax base and improve the business environment in New Mexico.

The governor – entering her last year in office – accused Democratic lawmakers on Wednesday of stalling on tax reform. She noted that Democrats refused to pass a tax-overhaul package backed by her administration earlier this year, arguing that a study of the tax system was necessary first.

Read more: https://www.abqjournal.com/1096723/rewrite-of-nm-tax-code-not-likely-in-18.html