By Dan Boyd, Albuquerque Journal
Mar. 6, 2023
SANTA FE — A massive $959 million tax package unveiled Monday would provide $300 rebates for New Mexico taxpayers, further reduce the state’s gross receipts tax rate, increase alcohol taxes and expand a child tax credit so that parents could get up to a $600 per child tax break, depending on their income level.
The highly-anticipated tax measure, which cobbles together more than a dozen different tax proposals, is aimed at using the state’s unprecedented oil-fueled revenue bonanza to make New Mexico’s tax code more progressive, backers said.
“We believe this affects positive change for the working families of New Mexico,” said Rep. Derrick Lente, D-Sandia Pueblo, who predicted families making the state’s median household income of about $54,000 per year would see about $200 in yearly tax savings from the gross receipts tax cut alone.
But not everyone is thrilled about the tax package.
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