Tax omnibus clears Finance committee, heads to Senate floor

The Senate Tax, Business and Transportation committee approved a tax omnibus bill Sunday morning. HB 252 includes a number of tax changes, including changes to income tax brackets, energy storage tax deductions, corporate income tax changes and more. The bill seeks to update tax brackets with no tax increases and with additional tax credits. Related: […]

Tax omnibus clears Finance committee, heads to Senate floor

The Senate Tax, Business and Transportation committee approved a tax omnibus bill Sunday morning.

HB 252 includes a number of tax changes, including changes to income tax brackets, energy storage tax deductions, corporate income tax changes and more.

The bill seeks to update tax brackets with no tax increases and with additional tax credits.

Related: Tax omnibus passes House

“So at a cost of $176 million, we move our personal income tax brackets from five to six, so we add a bracket,” Rep. Micaela Lara Cadena, D-Mesilla, said. “But this was designed to increase progressivity for working families and those tax cuts are targeted for working families.”

Hamblen proposed an amendment that added tax credits and increases to some tax credits including the Special Needs Adopted Child Tax Credit, providing an income tax deduction for school supplies bought by a public school teacher, extending the Geothermal Ground-Coupled Heat Pump Tax Credits, increasing the annual aggregate cap for each credit, creating the Clean Car Income Tax Credit and several gross receipts tax credits including one for legal services for wildfire recovery.

Both the amendment and the bill were approved on a 6-to-1 vote with Sen. Leo Jaramillo, D-Española, as the sole vote against.

Jaramillo explained his vote against the amendment was a change in the way the Hermits Peak/Calf Canyon Fire recovery tax credit was done.

“The tax credit would have been for the victims to claim state GRT but because of technical issues that it would have caused and wouldn’t have been as easy as just holding back the local GRT. The only way this credit would have worked is to take the full GRT credit,” Jaramillo said.

Jaramillo also spoke to communities in his district and they thought “that taking a local GRT from them would be hurting those communities.”

HB 252 goes to the Senate floor next. If the bill passes the Senate with the amendments intact, it would need to go back to the House to address changes made by the committee.

We're ad free

That means that we rely on support from readers like you. Help us keep reporting on the most important New Mexico Stories by donating today.

Related

Both Republicans and Democrats skeptical of guv’s proposals for special session

Both Republicans and Democrats skeptical of guv’s proposals for special session

A representative from Gov. Michelle Lujan Grisham’s office outlined on Thursday the bills the governor’s office will back during the upcoming special session, but…
Senators throw support to embattled Ivey-Soto

Senators throw support to embattled Ivey-Soto

By Justin Horwath, New Mexico In Dept Sen. Daniel Ivey-Soto is running for a fourth term despite the state Democratic Party’s decision to censure…
AG announces legislative priorities for upcoming special session

AG announces legislative priorities for upcoming special session

Attorney General Raúl Torrez announced on Thursday his legislative priorities for July’s special legislative session, including the creation of a crime victim’s unit to…
SCOTUS rejects proposed resolution to Rio Grande water dispute

SCOTUS rejects proposed resolution to Rio Grande water dispute

In a 5-4 decision, the U.S. Supreme Court rejected a proposed settlement that would have ended the more-than decade-long dispute between Texas and New…
FWS says two Rio Grande fish do not warrant listing under Endangered Species Act

FWS says two Rio Grande fish do not warrant listing under Endangered Species Act

The U.S. Fish and Wildlife Service found that two fish species found in New Mexico do not meet the criteria for listing them as…
Want to know what Albuquerque’s climate might be like in 2080? Head to Roswell

Want to know what Albuquerque’s climate might be like in 2080? Head to Roswell

Thanks to climate change, the Albuquerque of the future may feel a bit more like present-day Roswell. That’s according to a new web app…
Stansbury outlines funding secured for early childhood and youth services programs

Stansbury outlines funding secured for early childhood and youth services programs

U.S. Rep. Melanie Stansbury secured $8.3 million for childhood development and youth services in the 1st congressional district through federal community project funding. Stansbury,…
Amid new graduation requirements, what do high schoolers want to learn?

Amid new graduation requirements, what do high schoolers want to learn?

By Margaret O’Hara, The Santa Fe New Mexican The main things that bring Brayan Chavez to school every day: Seeing, talking to and engaging with…
Special ed teachers hope lawmakers OK pay raises, admin changes

Special ed teachers hope lawmakers OK pay raises, admin changes

By Margaret O’Hara, The Santa Fe New Mexican Brittany Behenna Griffith has a laundry list of adjectives to describe the ideal special education teacher:…
Some mental health issues on the rise in New Mexico

Some mental health issues on the rise in New Mexico

A recent report by KFF, a foundation that provides health policy analysis, found mental health issues on the rise and disparities in mental health…
Heinrich questions FDA leadership on baby formula safety, mifepristone

Heinrich questions FDA leadership on baby formula safety, mifepristone

U.S. Food and Drug Administration Commissioner Dr. Robert Califf answered questions about the safety of human milk formula and mifepristone on Wednesday. Sen. Martin…
Health workers fear it’s profits before protection as CDC revisits airborne transmission

Health workers fear it’s profits before protection as CDC revisits airborne transmission

Amy Maxmen, KFF Health News Four years after hospitals in New York City overflowed with covid-19 patients, emergency physician Sonya Stokes remains shaken by…
Abortion medication access remains after Supreme Court ruling

Abortion medication access remains after Supreme Court ruling

The U.S. Supreme Court ruled against the Texas-based Christian group trying to restrict access to abortion medication on Thursday. The case, FDA v. the…
How abortion care has changed since Dobbs 

How abortion care has changed since Dobbs 

In the month of March 2024 alone, 1,650 clinician-provided abortions took place in New Mexico, according to the reproductive research organization, the Guttmacher Institute.…
Many Democrats endorsed by reproductive rights group won primaries

Many Democrats endorsed by reproductive rights group won primaries

With nearly 53 percent of the precincts reporting as of 11 p.m. Tuesday, most of the legislative candidates endorsed by Planned Parenthood Votes New…
Some mental health issues on the rise in New Mexico

Some mental health issues on the rise in New Mexico

A recent report by KFF, a foundation that provides health policy analysis, found mental health issues on the rise and disparities in mental health…
New Mexico food banks say food insecurity is on the rise

New Mexico food banks say food insecurity is on the rise

Food insecurity is on the rise as state benefits have decreased and the future of federal benefits have an uncertain future.  Sonya Warwick, director…
Abortion medication access remains after Supreme Court ruling

Abortion medication access remains after Supreme Court ruling

The U.S. Supreme Court ruled against the Texas-based Christian group trying to restrict access to abortion medication on Thursday. The case, FDA v. the…
Republican Herrell signs onto what critics call anti-transgender message

Republican Herrell signs onto what critics call anti-transgender message

Republican candidate Yvette Herrell, who is running against Democrat Rep. Gabe Vasquez for New Mexico’s 2nd Congressional District seat, committed herself to a message…
Post-primary, Biden leads Trump in NM

Post-primary, Biden leads Trump in NM

President Joe Biden leads former president Donald Trump in the race for New Mexico’s five electoral seats, according to a poll commissioned by NM…
Democrats announce spending on CD2 race

Democrats announce spending on CD2 race

The Democratic National Committee announced on Monday that it will spend $70,000 for organizing staff to aid U.S. Rep. Gabe Vasquez, the Democrat trying…
Some mental health issues on the rise in New Mexico

Some mental health issues on the rise in New Mexico

A recent report by KFF, a foundation that provides health policy analysis, found mental health issues on the rise and disparities in mental health…
SCOTUS rejects proposed resolution to Rio Grande water dispute

SCOTUS rejects proposed resolution to Rio Grande water dispute

In a 5-4 decision, the U.S. Supreme Court rejected a proposed settlement that would have ended the more-than decade-long dispute between Texas and New…
FWS says two Rio Grande fish do not warrant listing under Endangered Species Act

FWS says two Rio Grande fish do not warrant listing under Endangered Species Act

The U.S. Fish and Wildlife Service found that two fish species found in New Mexico do not meet the criteria for listing them as…

GET INVOLVED

© 2023 New Mexico Political Report