Senate OKs bill delaying corporate tax cut on 21-20 vote - Albuquerque Journal

Senate OKs bill delaying corporate tax cut on 21-20 vote

SANTA FE — The Senate narrowly approved a bill that delays a scheduled cut in the state’s corporate income tax rate, voting 21-20 in favor of the legislation.

Two Democratic senators, John Sapien of Corrales and Clemente Sanchez of Grants, joined Senate Republicans in voting against the measure, which would keep the state’s corporate income tax rate at 6.9 percent for two more years.

The bill, one of 10 solvency measures being debated in the Senate tonight, could face long odds in the Republican-controlled House, as Gov. Susana Martinez’s administration opposes it.

Sen. Steven Neville, R-Aztec, described the legislation as “penny-wise and pound foolish,” arguing the corporate income tax cut — approved as part of a 2013 tax package — was vital in convincing Facebook to build a massive new data center near Los Lunas.

But supporters of the measure said businesses should have to lend a helping hand in balancing a massive state budget shortfall.

“What it does is buys us some breathing room,” said Sen. Gerald Ortiz y Pino, D-Albuquerque.

The legislation could generate as much as $13 million per year in savings, according to legislative analysts, though others argued the savings would be much smaller.

Home » ABQnews Seeker » Senate OKs bill delaying corporate tax cut on 21-20 vote


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

1
Council OKs safe outdoor space moratorium
ABQnews Seeker
Not clear how action will affect ... Not clear how action will affect applications already in the pipeline
2
Corrales fire truck stolen and recovered
ABQnews Seeker
A fire truck was stolen from ... A fire truck was stolen from the Corrales Fire Department Tuesday morning, according to a Rio Rancho Police Department Facebook post. After multiple agencies ...
3
Trial begins in effort to remove Couy Griffin from ...
ABQnews Seeker
Otero County Commissioner Couy Griffin admitted ... Otero County Commissioner Couy Griffin admitted a couple of times Monday that he wasn't ready for trial. 'I'm not as prepared as I should ...
4
Council leaves Planned Parenthood funding intact
ABQnews Seeker
Planned Parenthood is still in line ... Planned Parenthood is still in line to get $250,000 from the city of Albuquerque this year. The City Council voted Monday to keep the ...
5
Jill Biden tests positive for COVID-19, has 'mild' symptoms
Nation
First lady Jill Biden tested positive ... First lady Jill Biden tested positive for COVID-19 and was experiencing 'mild symptoms,' the White House announced Tuesday. President Joe Biden continues to test ...
6
Federal judge orders Shaheen Syed jailed pending trial
ABQnews Seeker
A judge ordered the son of ... A judge ordered the son of a man charged in the shootings of Muslim men in Albuquerque ...
7
NM investment funds hit slowdown after rapid growth
From the newspaper
Land Grant Permanent Fund distributions to ... Land Grant Permanent Fund distributions to continue at high level
8
School kicks off year with restorative practices
ABQnews Seeker
While the rest of Garfield STEM ... While the rest of Garfield STEM Magnet and Community School was busy settling back int ...
9
Man faces charges in Coronado Park death
ABQnews Seeker
Joseph Garcia, 28, accused in shooting Joseph Garcia, 28, accused in shooting
10
Deadline looms for western states to cut Colorado River ...
ABQnews Seeker
Hydrology projections will require further reductions ... Hydrology projections will require further reductions in distribution