Eliminating Tax Credits Won’t Solve Budget
I previously blogged about New Mexico’s tax credits and deductions. The posting included this spreadsheet from the Tax and Revenue Department which compiled the listing and explanations.
It is important to note that simply eliminating any of the tax credits or deductions (aside from the film rebate subsidy) would result in a net tax increase. This doesn’t mean it is ALWAYS bad policy, but as I explain in this article from the Las Cruces Sun-News raising revenue by eliminating tax credits and deductions is not a good path to solving New Mexico’s budget problems.