governor's race

Las Cruces legislator cites budget, jobs crisis for why he’s running for governor

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Joseph Cervantes is the fourth Democrat to declare a 2018 run for governor. An attorney with a background in architecture, Cervantes has served in the state legislature representing Las Cruces for 16 years, first in the House of Representatives before winning an election in the Senate in 2013. Cervantes is considered a moderate Democrat from his time in the Legislature. He even once attempted to oust then-Speaker Ben Lujan with a coalition of Republicans and some Democrats. NM Political Report caught up with Cervantes just days into his campaign office to speak about how he wants to approach the state’s highest political office.

News

House committee rejects corporate tax cut delay

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A House committee voted Saturday night to reject a bill that would delay a corporate tax cut for two years. The corporate tax delay, which narrowly passed the Senate the night before as part of a wider budget package, would have saved nearly $13 million in the current fiscal year and more in the next fiscal year according to analysis by the Legislative Finance Committee. The Taxation and Revenue Department, part of Gov. Susana Martinez’s administration, estimated it would save much less, saying it would be $5 million in the current fiscal year and again less than the LFC predicted in the next. “We are not asking for a tax increase,” Rep. Bill McCamley, the Las Cruces Democrat who carried the bill on the House side, said. “We are merely asking that we delay this tax.

corporate tax cuts

Latest tax break for Intel didn’t stop job cuts

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Just three years ago, the New Mexico Legislature significantly changed what manufacturers owe in taxes in the state. Legislators squarely aimed the changes at one big company: Intel. Next year, the tax changes will fully eliminate payroll and property taxes for manufacturers and instead only tax them on their in-state sales. Related Story: After report of layoffs, Intel future in NM still unclear

Over the years, the computer microprocessing giant has enjoyed at least $2.6 billion worth of state and local subsidies for its facility in Rio Rancho. But the company also fell on hard times this decade as personal computers, which Intel’s microchip is used for, ceded ground to cell phones and mobile devices.