A tax package unveiled at Roundhouse includes $300 rebates, expanded tax credits and overhaul of personal income tax code

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.

Read more at Albuquerque Journal