New Mexico
Bill to change tax income passes first House committee
Taxes aren’t the most exciting things to talk about, but it could be good news for some taxpayers if House Bill 252 goes through.
SANTA FE, N.M. – Taxes aren’t the most exciting things to talk about, but it could be good news for some taxpayers if House Bill 252 goes through.
The current state income tax breakdown has five brackets. Anyone making $16,000 to $210,000 a year are paying the same income tax rate.
Joint filers have an even bigger range of $24,000 to $315,000 at 4.9%. Some lawmakers want to break up those brackets.
“This tax proposal, which is the same thing as last year, takes into account that we are looking to achieve the best outcome for those that are at the lower to middle of the tax income brackets,” said state Rep. Derrick Lente.
Here are the proposed changes:
There would be more brackets for joint filers, and adds a 4.3% rate. The brackets are spread out more evenly, and there’s a lower tax rate for the state’s lowest earners. It’s the same thing for individual filers.
The average income in New Mexico is around $30,000. Right now, that puts you in the second-highest tax bracket at 4.9%. This bill would drop you two brackets to 4.3%.
The bill unanimously passed its first House committee Monday. Last year, it had bipartisan support all the way to the governor’s desk, where she vetoed it.
Sponsors are hoping for a different outcome this session.
“She is the one that killed it last year, and so I can say that I’ve talked with staff of the governors. And so at this point in time, I have no indication that she could not appreciate giving tax incentives for working class New Mexicans,” said Lente.
KOB 4 spoke with a tax expert Monday. He says this current structure has been in place since 2003, and it’s pretty much a flat tax system where most people are paying the same rate, which hurts lower earners more.
What he really liked about the new layout is there are no “losers” as he put it, meaning no one’s taxes increase. But it does have one downside.
“No one would be offended by this bill, or almost no one is just, you know, it comes with a price tag. It’s probably the right thing to do in terms of restructuring our brackets, that that makes some sense,” said Richard Anklam, president and executive director of the New Mexico Tax Research Institute.
That price tag is an approximate $180 million in income tax the state would not get next year.
The Legislative Finance Committee already determined lawmakers have a $200 million to $300 million range in lost taxes before it becomes troublesome. This proposal fits those parameters, but there’s not much wiggle room.
SALT LAKE CITY — A missionary for The Church of Jesus Christ of Latter-day Saints from Utah has passed away in his sleep unexpectedly Saturday in New Mexico, according to a news release from The Church.
Elder Caleb Gene Martin, 21, died from a medical cause that has not been determined, Church spokesman Sam Penrod said in a statement.
According to The Church, Martin had been serving in the New Mexico Farmington Mission since May 2024. He was from Salem, Utah.
Elder Caleb Gene Martin, 21, died in his sleep on Jan. 3 from a medical cause that has yet to be determined. He was serving in the New Mexico Farmington Mission. (The Church of Jesus Christ of Latter-day Saints)
“We extend our heartfelt condolences to his family, friends and fellow missionaries. We pray they will find comfort and strength through their faith in the gospel of Jesus Christ and feel the Savior’s love as they honor Elder Martin’s life and devoted missionary service,” the statement said.
According to the release, an autopsy is planned.
This is a developing story and may be updated.
Southeastern New Mexico will see some snow while other places will generally see cooler, more winter-like temperatures. See the latest conditions at KOB.com/Weather.
ALBUQUERQUE, N.M. — Some notable cities in New Mexico could see multiple inches of snow, along with possible wind and cooler temperatures Sunday into Monday.
There is going to be snow across the southeast. A winter storm advisory is in effect all throughout areas like Ruidoso and out toward the Texas state line. A winter storm warning for Carlsbad and even a blizzard warning for the Guadalupe Mountains. These advisories and warnings indicate it’s going to continue until Monday at 6 p.m.
How much snow might there be? Ruidoso could see a few inches, along with other higher-elevation areas. Carlsbad might even see as much as two inches and Roswell has a very good chance of snow.
Wind gusts ranged from 23 mph for Hobbs and Clovis, 25 in Santa Rosa and similar readings in other places. Temperatures could hit sub-freezing temperatures in places like Ruidoso, Roswell, Carlsbad and Hobbs. Meanwhile, Gallup and Grants could get into the single-digits. Plus, places like Albuquerque and Santa Fe will be in the 20s but the big “winner” is Alamosa, Colorado, with 2 degrees.
Chief Meteorologist Eddie Garcia shares all the details in his full forecast in the video above.
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