SANTA FE – A House-approved tax package aimed at generating a more stable revenue stream for New Mexico could be significantly downsized under proposed Senate changes.
The Democratic chairman of the Senate Corporations and Transportation Committee rolled out the changes Tuesday – including one that would spike a provision to effectively undo a personal income tax cut signed into law by then-Gov. Bill Richardson in 2003.
“With the revenue that we have, it’s very difficult to raise income taxes,” said Sen. Clemente Sanchez of Grants, the committee’s chairman.
But the panel ultimately held off on voting on the proposed changes – or the bill itself – on Tuesday to give the bill’s sponsors and critics more time to negotiate a possible compromise.