The New Mexico Legislature wrapped up its Interim Committees meetings on Tuesday as the Revenue Stabilization and Tax Policy Committee concluded its work ahead of next month’s start of the regular session.
The committee spent the last two days hearing about the revenue forecast and the $3.6 billion in additional funds available, tax incentives and numerous proposals for tax changes. After months of interim session meetings the list of possible legislation will be long when the regular session House and Senate Committees get to work in January.
A long look at what may be some major changes to New Mexico’s tax structure is in the works.
Los Alamos Representative Christine Chandler was chair of the interim committee and will also head up the House Taxation and Revenue Committee during the session.
She says they are going to have an extraordinary session as it relates to taxes.
“Given the revenues that we have we are in a position to make some prudent, careful, carefully thought out tax policy decisions that will have lasting impact on regular working people,” she said. “Maybe some (Gross Revenue Tax) relief, rejiggering of the Income Tax so people can take more money home, so yea, I think it’s going to be super intense and hopefully very productive.”
The Democrat Chandler says she’s anticipating they’ll be able to get a lot accomplished because she has been working very well with Minority House Whip and fellow TRC member Republican Jason Harper who presented his proposal for tax changes.
The legislature kicks off its 60 day session at noon on January 17th.