Susana signs last-second tax bill into law

From Capitol Report New Mexico - On Thursday (April 4) in Albuquerque, Gov. Susana Martinez signed the tax bill that zoomed through the state Senate and House of Representatives at the last minute of the just-completed legislative session. “We have to choose to compete to turn our state’s economy around,” Gov. Martinez said during the signing ceremony for the omnibus bill, which was a product of old-fashioned political horse trading in which both Republicans and Democrats each received some prized pieces of legislation.
     For Democrats, they got 1) the so-called “Breaking Bad” bill that boosts the state’s rebate for television producers increases from 25 percent to 30 percent if they shoot at least six episodes in New Mexico and 2) what’s called “combined reporting” of taxes for “big box” retail companies — but only unless they have non-retail operations in the state employing at least 750 people.
     Republicans and the Martinez administration were able to get a lowering of the top corporate income tax rate to 5.9 percent (it’s now at 7.6 percent) that will be phased in over five years and a gradual elimination of the $140 million in “hold harmless” revenue given to local communities — something that has been reported to cost the state millions.
     “It’s not a perfect package,” Martinez said, “but Republicans and Democrats came together to pass a game-changing jobs policy.” Read more

Susana signs last-second tax bill into law