SANTA FE — Gov. Susana Martinez signed legislation Thursday to provide as much as $3 million or more in tax relief for New Mexico families and small businesses.
“Since taking office, helping New Mexico families and small businesses keep more of their hard-earned money has always been one of my top priorities,” Martinez said. “While I am disappointed legislative leaders once again failed to deliver on their promises to tackle the comprehensive tax reform our state needs to continue competing for jobs and investment, this legislation has the potential to put millions of dollars back into the pockets of our families and small businesses.”
House Bill 79 provides for a small-business tax holiday each year on the Saturday following Thanksgiving – one of the busiest retail shopping days of the year. New Mexico small businesses of 10 employees or less will not be required to charge customers New Mexico’s gross receipts tax – potentially resulting in businesses and consumers saving millions of dollars.
Since taking office, Martinez has vetoed more than $1 billion in tax and fee increases on New Mexico’s taxpayers. Just last year, she vetoed nearly $350 million in tax increases, and since the Governor’s veto New Mexico now has a budget surplus of more than $300 million dollars. Martinez has also cut taxes 37 times since taking office – including cutting our corporate tax rate and ending the unfair practice of tax pyramiding, which often resulted in the double and triple taxation of goods.
Martinez has repeatedly called on lawmakers to act to reform our state’s tax code to allow families and businesses to keep even more of what they earn. Unfortunately, legislative leaders have repeatedly failed to act, even after promising to do so. Last year, both the Speaker of the House and the Senate Majority Leader spoke in support of taking up comprehensive tax reform, and the legislature spent $400,000 in taxpayer funds to study the matter. If lawmakers can see the wisdom in allowing New Mexicans to keep more of their money, surely they can also embrace comprehensive tax reform.