Two really bad bills in committee Wednesday morning: speak up now!

Two of the very worst bills before the New Mexico Legislature this session begin moving through their committees starting this Wednesday morning.

HB 37 is up in the House Tax Committee (find a list of members and emails here).

If adopted it would dramatically limit New Mexicans’ ability to deduct capital gains from the sale of homes, businesses, and stock. Under the current system, New Mexico taxpayers with capital gains income are able to deduct 40 percent of their net gain from their New Mexico taxable income. This is a positive feature of the state’s tax code as it promotes the creation of capital, which has been in short supply in the Land of Enchantment. HB 37 would limit a taxpayer’s net capital gains deduction to $2,500.

Businesses get into business to make money. New Mexico desperately needs a broader array of businesses to become economically-successful. There is absolutely no reason to adopt a tax hike of this kind, especially when New Mexico has such a massive surplus. 

Relevant committee emails below:

derrick.lente@nmlegis.gov,
Jason Harper <JasonHarperNM@gmail.com>,
Cynthia.Borrego@nmlegis.gov,
ambrose.castellano@nmlegis.gov,
Mark.Duncan@nmlegis.gov,
doreen.gallegos@nmlegis.gov,
joshua.hernandez@nmlegis.gov,
Larry Scott <lrscott52@gmail.com>,
Jim Townsend <jamesgtownsend@gmail.com>,
kristina.ortez@nmlegis.gov,
linda.serrato@nmlegis.gov

HB 6 is the other awful bill. This “paid leave”  bill (up in House Health and Human Services tomorrow members listed at link) would foist tax hikes on employees and employers alike (weather they want the program or not) to fund a paid leave scheme administered by the Department of Workforce Solutions.

Although no FIR is yet available for the bill this year, the analysis of last year’s version SB 11, expressed serious concerns about the viability of the fund. Such shortfalls would result in inevitable tax hikes on both workers and employers.

Relevant committee emails below:

pamelya.herndon@nmlegis.gov,
Jenifer Jones <jenifermariejones@gmail.com>,
Kathleen.Cates@nmlegis.gov,
Eleanor.Chavez@nmlegis.gov,
Joanne Ferrary <rjferrary53@gmail.com>,
Tara.Jaramillo@nmlegis.gov,
Stefani Lord <stefanilord2@gmail.com>,
reena.szczepanski@nmlegis.gov,
harlanvincent@gmail.com

Fighting for American Jobs Against Democrats' Job-Killing Tax Hikes - House Committee on Ways and Means

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5 Replies to “Two really bad bills in committee Wednesday morning: speak up now!”

  1. HouseIt is hard on business and others , always adding more on people. Use other means like the marijuana money making large revenue.

    1. HB37 is yet another avenue to limit tax payers ability to utilize deductions in their taxes. The state has a surplus of 3.8 billion dollars. I suggest the house start with using this surplus wisely.

  2. Thank you so much for letting us know what is going on in our government. I agree they do have a lot of capital. I wish they would use some of that capital on the roads down here in Lea county between Hobbs and lovington that road has not been in any kind of repair since it was done in 1992 that is over 32 years now wow I can’t believe what they are trying to pull up their if they care about the people they will not do this tax shame on them we are hurting enough as it is do you know I received $2 raise on my social security $2 a month that 3.2% that our government gave us was not nothing. They just as well have kept it. Please don’t get me started thank you for working with the people of New Mexico at least someone up there cares..

  3. I agree it’s not reasonable to charge homeowners a high percentage in the capital gain tax for a one-time profit. But then you added that “businesses are in business to make money” and I’m not exactly sure how that applies there unless you’re more concerned about taxes for big business than for individuals.

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