NM House Rejects Senate Version Of Tax Bill
The New Mexico House has rejected changes made to the tax omnibus plan. It now goes to a conference committee with less than two days remaining in the session.
The Senate version of HB 547 passed the upper chamber late Wednesday night, but many of the changes made weren’t well received on the other side of Roundhouse.
On Thursday, House Taxation and Revenue Committee Chair Derrick Lente urged his colleagues to vote against concurrence.
“There are some good initiatives in regards to the changes, some of the changes that were made in the Senate, yet nonetheless in conference with all of the members of the House Taxation and Revenue Committee, both from the Republican and Democratic side, we all felt their were some questionable additions and amendments as well.” he said.
Lente pointed to several changes they couldn’t agree with including the liquor excise and tobacco tax changes
He says he is opposed to the Senate’s film tax credit changes he says would mostly benefit out of state producers, directors and actors and not local talent.
The concurrence was rejected on a voice vote.
Three members each from the House and Senate are working to try and reach a deal and have reported some progress, but if it can’t be agreed to and passed by noon Saturday, the massive tax overhaul will die as the session ends.
Gov. Michelle Lujan Grisham says the tax plan cuts too deep, She says it would reduce recurring revenues by one billion dollars, or over one-tenth of the budget.