SANTA FE – The House unanimously passed bipartisan tax legislation that includes a number of top priorities for hardworking New Mexico families.
Rep. Carl Trujillo (D-Santa Fe) introduced a floor substitute for House Bill 412, sponsored by Rep. Jason Harper (R-Rio Rancho), and the substitute was unanimously adopted.
The new bill simplifies the tax code to improve the economic footing for the state while keeping more money in the pockets of hardworking New Mexico families. The Democratic substitute removed the food tax that would have had a negative impact on families, removed tax exemptions for large corporations, and removed a personal income tax increase.
“For years our tax system has given the upper hand to large corporations while jeopardizing the financial wellbeing of our families,” Rep. Trujillo said. “We worked tirelessly on both sides of the aisle to make sure we had a bill that would level the playing field by closing tax loopholes, keep New Mexico competitive on a national level, and make a better economy that keeps our young and talented here in New Mexico.”
HB 412 passed the New Mexico House by a vote of 63 to 0, and will now move to the New Mexico Senate for consideration.