Summary of 2011 NM Legislative Session

From realclearpolitics.com - Gov. Susana Martinez has until April 8 to sign or veto bills passed during the final stretch of the session. BUDGET-FINANCES(equals) Passed: $5.4 billion budget for education and general government programs in fiscal year starting July 1; higher pension contributions for public employees and drop in government payments to save $111 million next year; freeze payments from a fire equipment fund, freeing $1.3 million for budget. Failed: $240 million worth of capital improvements statewide, including nearly $18 million for prison upgrades; use permanent fund as a source of bonds to help plug budget shortfall. TAXES(equals) Passed: $128 million increase on businesses to shore up unemployment compensation program; limit film production tax rebates to $50 million a year; tax deduction on locomotive fuel as incentive for Union Pacific rail yard project in Santa Teresa. Failed: Revalue residential property to cope with property tax "lightning;" extend tax break for construction at Cannon Air Force Base; exempt military pensions from state income tax; surtax on higher-income New Mexicans. More News New Mexico

Summary of 2011 NM Legislative Session