A proposed bill that would deduct income taxes and collect more taxes on investment income has passed the Democratic-led New Mexico state House.
At the New Mexico State House, a bill that would cut personal income taxes across taxpayers’ earnings and collect more taxes on investment income passed last Wednesday. The broad package of tax changes won New Mexico State House endorsement on a 48-21 vote and now moves to the Senate for approval.
The New Mexico State House would forgo about $105 million yearly through adjustments to personal income tax rates and brackets while increasing collection taxes on investment income. All income taxpayers would see a cut, with the greatest savings especially to middle-income earners.
The bill from Democratic state Rep. Derrick Lente, of Sandia Pueblo that passed in the New Mexico State House includes tax credits and deductions aimed at shoring up the medical employees in remote rural areas and removing the burden on childcare and preschool breadwinners.