House passes revamped paid leave plan

After being the stumbling block for Paid Family and Medical Leave in 2024 the New Mexico House passed a somewhat scaled back but potentially insolvent plan (HB 11) on Friday afternoon. While a thorough financial analysis is still lacking the LFC’s analysts found that the “high” and “moderate” update scenarios would result in deficits (see page 6). In other words, the tax hikes contained in the bill are only the start under the most likely scenarios and that is barring some kind of negative stock market shock since the funds collected will be invested in the stock market.

The vote board is below and this bill will be scored “-8” in the Foundation’s Freedom Index.