New Mexico
New Mexico bill to lower income taxes and cap investment tax break advances
A bill that would reduce personal income taxes across the earnings spectrum and collect more taxes on investment income passed the Democratic-led New Mexico state House on Wednesday.
The broad package of tax changes won House endorsement on a 48-21 vote and now moves to the Senate for consideration.
State government would forgo about $105 million annually overall through adjustments to personal income tax rates and brackets while collecting more taxes on investment income.
WITH PRESIDENTIAL RACE ON HORIZON, NEW MEXICO LAWMAKERS LOOK TO OUTLAW FAKE ELECTORS
All income tax payers would see a decrease, with the greatest savings in dollar terms among middle-income earners, according to an analysis by the state Taxation and Revenue Department.
Annual income tax would decrease by $16, or 12%, to $136 for a couple with taxable income of $8,000, the agency said. A wealthier couple with an annual taxable income of $400,000 would save about $553, or 2.8%, on annual taxes of $20,042.
The bill from Democratic state Rep. Derrick Lente, of Sandia Pueblo, also includes tax credits and deductions aimed at shoring up the medical workforce in remote rural areas and easing the fiscal burden on child care and preschool providers.
The New Mexico Capitol is seen here after sundown. A bill to reduce personal income tax passed the New Mexico House. (Marica van der Meer/Arterra/Universal Images Group via Getty Images)
He said in a statement that the bill aims to “improve access to healthcare and childcare, support clean energy, and provide support for our friends and neighbors who need it most.”
The bill would incentivize the construction of large-scale energy storage projects — which can make renewable wind and solar energy production more useful — by reducing local government taxes on the facilities through the use of industrial revenue bonds.
Proposed changes for businesses would set a flat 5.9% rate for the corporate income tax at companies with less than $500,00 in annual income.
New Mexico residents who saw their homes destroyed in recent wildfires would be eligible for new income tax credit.
CLICK HERE TO GET THE FOX NEWS APP
A statement from House Democrats says the bill reduces a cap on capital gains tax exemptions to $2,500 — limiting a tax break “that overwhelmingly benefits the state’s highest earners.”
House Republicans led by state Rep. Jim Townsend, of Artesia, unsuccessfully proposed more aggressive tax cuts in light of an estimated $3.5 billion general fund surplus for the coming fiscal year. In a failed amendment, he suggested a flat 1% tax on personal income.
Current rates range from 1.7% on taxable income under $4,000 for individuals to 5.9% on annual income over $157,000.
This post is brought to you by FanDuel, proud partner of SBNation.
Lobos most likely to join the Aztecs in MW Championship.
The voters picked Boise State over Utah State by the slimmest of margins… and that’s exactly what happened in the game on Friday, with the Broncos securing a one-point victory over the Aggies. With the win, they keep their conference championship hopes alive.
Utah State going bowling?
Fans went 2 for 2 this week predicting games. They picked New Mexico to beat San Diego State at home and that’s exactly what happened. Will it be enough for the Lobos to find a place in the MW Championship?
Dashcam shows moment UPS cargo plane crashed in Louisville
Dashcam video shows the UPS cargo plane crashing shortly past the runway of Louisville Muhammad Ali International Airport.
Two people were killed in a private plane crash in southern New Mexico ahead of the Thanksgiving holiday.
The plane took off around 11:30 a.m. Nov. 26 and was scheduled to return to its “airport of origin” an hour later, according to New Mexico State Police.
Officials didn’t specify what airport that was, though they said the plane was last known to be near the Alamogordo White Sands Regional Airport, around 60 miles northeast of Las Cruces, New Mexico.
A family member of one of the passengers reported the plane missing after the person didn’t return from the flight, according to KOAT-TV in Albuquerque.
Search and rescue personnel found the plane on the morning of Nov. 27 near Cloudcroft, New Mexico, a small community within the Lincoln National Forest that’s just over a dozen miles away from the Alamogordo White Sands Regional Airport.
New Mexico State Police, the Alamogordo police and fire departments and New Mexico Search and Rescue were among the agencies involved in the effort.
The plane was found burned with two bodies inside. The names of the deceased were not immediately made public.
The incident was listed as an accidental crash on the National Transportation Safety Board’s incident database as of Nov. 28. An investigation is ongoing.
Incident follows other plane crashes in 2025
The New Mexico crash comes toward the end of a tumultuous year for aviation.
A mid-air collision between a commercial passenger jet and a military helicopter over the Potomac River in Washington, D.C., killed 67 people in January. It marked the first high-profile commercial aviation crash since 2009, when a commercial plane crashed near Buffalo, New York, killing 50 people.
Two more people were killed several weeks after the Potomac River crash when two fixed-wing, single-engine planes crashed mid-air near Marana, Arizona.
Earlier in November, a UPS cargo plane burst into flames and crashed shortly after takeoff in Louisville, Kentucky, killing 14 people.
Amid flight and airport chaos stemming from the historic government shutdown, President Donald Trump pledged on Nov. 10 that the United States would soon be “getting the finest air traffic control system anywhere in the world.”
Trump did not provide many details but said companies including IBM and Raytheon were bidding to build the new national infrastructure.
“…We’re going to pick the best one, and it’ll get built relatively quickly, and we’re going to have the greatest air traffic control system anywhere in the world,” he said.
Details affecting local, regional and national news events of the day are provided by the Eyewitness News 4 Team, as well as updates on weather and traffic.
ALBUQUERQUE, N.M. – The weather is expected to be quiet Friday with mostly sunny skies and temperatures a little warmer than usual.
A backdoor cold front will bring low temperatures into the teens and 20s overnight Saturday.
Some slick and icy roads are expected from snow across the northern and west central high terrain from Sunday night into Monday morning.
Early next week, colder weather will bring high temperatures slightly below average in western and central New Mexico.
Kanya Iwana’s Debut Feature ‘Ibu’ Explores Generational Trauma at JAFF Future Project
‘I Tried Super-Collagen Soup And Lost Two Sizes in a Month—At Age 66!’
Acclaimed playwright Tom Stoppard dies at 88
The 201 Black Friday deals you can still get
Antifa agitation turns violent in Germany, bolstering Trump administration’s foreign terror label
Florida High School Football Rankings: Top 25 teams – Oct. 21
Cleary's 21 help Le Moyne down Central Connecticut State 69-64 in OT
How old is Bo Nix? What to know about Oregon quarterback ahead of 2024 NFL Draft
99th annual Pony Swim held in Virginia
Video: ‘It Didn’t Have to Happen This Way:’ U.Va. Faculty Call for Review of Police Response to Protests
Rep Troy Nehls, a Trump ally, will not seek re-election as twin brother announces campaign to replace him
EU weighs Plan B for Ukraine as Belgium raises bar on reparations loan
Northwestern settles with Trump administration in $75M deal to regain federal funding
Video: Meet the Theremin, an Instrument You Don’t Have to Touch to Play
USCIS halts ‘all asylum decisions’ after DC shooting of National Guard members
-
Science1 week agoWashington state resident dies of new H5N5 form of bird flu
-
Business5 days agoStruggling Six Flags names new CEO. What does that mean for Knott’s and Magic Mountain?
-
World1 week agoUnclear numbers: What we know about Italian military aid to Ukraine
-
Politics2 days agoRep. Swalwell’s suit alleges abuse of power, adds to scrutiny of Trump official’s mortgage probes
-
Ohio4 days agoSnow set to surge across Northeast Ohio, threatening Thanksgiving travel
-
Southeast1 week agoAlabama teacher arrested, fired after alleged beating of son captured on camera
-
News1 week agoAnalysis: Why Democrats are warning about Trump giving illegal orders | CNN Politics
-
Business1 week agoFormer Google chief accused of spying on employees through account ‘backdoor’