Another tax hike goes before committee tomorrow

Tomorrow the House Labor, Veterans’, and Military Affairs committee will consider HB 19, the “Real Estate Transfer Tax Act.” The bill would impose a tax on the transfer of real estate valued at over $500,000, and an even higher rate for property valued over $750,000. For our state’s economy to thrive, we need to attract residents from out of state, but this bill would discourage many people interested in moving to New Mexico.

The meeting starts at 1:30 P.M. on Tuesday, and you can watch the webcast here, or join the Zoom meeting here.

The Rio Grande Foundation submitted testimony in opposition to HB 19.