MLG/Legislature Did Little for NM Business

On the front page of this morning’s Albuquerque Journal, Gov. Lujan Grisham touts her “accomplishments” for business in New Mexico. While it would be hard NOT to do something for business with the kinds of budget surpluses the State has had in New Mexico in recent years, it is hard to see how anything that happened this session will make business owners and others from across the nation sit up and take notice about New Mexico.

For starters, the BEST thing about the session was something that DIDN’T happen. The Gov. said nothing about a possible paid family leave mandate funded in part by a new tax on businesses (SB 3/HB6). Thankfully, the Legislature narrowly avoided passing this anti-business measure.

Of course crime and education which are always major issues for businesses were not seriously addressed in any way. Even the Gov. expressed frustration about the lack of action on crime (although her actions are focused more on taking away guns). On education the Gov. remains focused on forcing unwilling rural districts to adopt 5-day school weeks. 

They DID slightly reduce personal income taxes but raised capital gains and corporate taxes. The Gov. COULD veto these, but we’re not holding our breath. Ultimately, even with a $3.5 billion surplus GRT reform was not even discussed (this analysis is based on a bill that addressed GRT and corporate income taxes from last session). Until that happens OR other taxes are seriously reduced, New Mexico will not be considered “business friendly.”