SANTA FE – With the clock ticking toward adjournment, lawmakers signed off on Saturday on a plan that could provide tax relief to some state residents while increasing the tax burden on others – including the highest-earning New Mexicans.
The tax package was a product of 11th-hour negotiations between Democratic lawmakers and Gov. Michelle Lujan Grisham, along with top budget experts in her administration. It passed the House on a voice vote Saturday morning, and the Senate approved it 23-18 about 15 minutes before adjournment.
While some Republican lawmakers blasted the bill as an unnecessary tax hike at a time the state sits on an estimated $1.2 billion budget surplus, backers said it would create more stable revenue streams and a fairer tax code.
“The best time to fix your roof isn’t when it’s raining – it’s when the sun is shining,” Lujan Grisham said in a post-adjournment news conference.