New Mexico: time for a tax rebate on $850 million

If you follow the Rio Grande Foundation’s work at all you may be aware that one of our absolute core efforts involves reforming and reducing the anti-business, regressive gross receipts tax. But, after eight years of Michelle Lujan Grisham’s governorship, we realize that she and the Legislature will take action.

But, with the State having $850 million in unexpected surplus revenues due to the war in Iran, we believe it is time for Gov. Lujan Grisham to call a VERY short special session for the purpose of providing a rebate to New Mexicans on all that extra money that New Mexico has been collecting. Remember, this $850 million is on top of the billions of dollars in annual revenues generated by the industry.

While it is hard to agree on exactly how much the rise in energy prices has cost New Mexicans, Ismael Torres of the Legislative Finance Committee says “the average household pays $750 more every month to cover the extras costs for groceries and gas, with one lawmaker saying it’s especially hurting low-income families.”

The next Gov. won’t take office until January. Regardless of what happens with the situation in Iran, it is high time for New Mexicans to see some relief. If you agree, send a message to the Gov. today asking her to hold a one issue special session to return that $850 million to New Mexicans! GOP candidate for Gov. Gregg Hull should echo this call for a special session to return this $850 million to everyday New Mexicans!