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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.