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.
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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.
New Mexico
Four New Mexico companies nominated for ‘Best Hot Air Balloon Ride’ by USA Today
NEW MEXICO (KRQE) — Four companies in New Mexico have been nominated for USA Today’s “Best Hot Air Balloon Ride” list for 2026. Voting is open now through June 1.
Here’s a look at the New Mexico nominees:
- Four Corners Balloon Rides (Albuquerque)
- “Four Corners Balloon Rides will get you soaring above Albuquerque in a hot air balloon. They fly smaller balloons with a capacity of up to 12 passengers, and you can opt between shared flights or a private charter, with flights running for about 45 minutes to an hour. You’ll see beautiful views of the Rio Grande Valley, the Sandia Mountains, and all of Albuquerque some 2,000 feet below you. The pilot, Daniel, has over 3,000 hours of flight time, so you’re ensured to be in good, safe hands. “
- Rainbow Ryders (Albuquerque)
- “As home to the International Balloon Fiesta, Albuquerque is one of the world’s most popular spots for hot air ballooning. Rainbow Ryders offers daily flights throughout the year, which have you floating above the high desert landscape of New Mexico, as well as the Phoenix-Scottsdale area. The company is also the official hot air balloon ride operator at the Albuquerque International Balloon Fiesta.“
- World Balloon (Albuquerque)
- “World Balloon in Albuquerque, New Mexico, offers both group and private hot air balloon flights throughout the year. On flights that usually last an hour, passengers can enjoy unmatched views of the Rio Grande River and Bosque or watch the sunrise over the city.”
- X-Treme-Lee Fun Balloon Adventures (Gallup)
- “X-Treme-Lee Fun Balloon Adventures provides a beautiful sunrise hot air balloon tour near Gallup, New Mexico. On journeys that typically last about an hour, passengers can enjoy views of scenic Red Rock Park’s canyons and spires.”
A total of 20 companies were nominated overall. Multiple companies in neighboring states were also nominated. Those include Above It All in Aspen, Colorado, Adventures Out West in Colorado Springs, Firebird Balloons in Phoenix, Grand Adventure Balloon Tours in Winter Park, Colorado, Hot Air Expeditions in Phoenix, and Red Rock Balloons in Sedona, Arizona.
The winner will be determined by readers’ votes. You can vote online.
New Mexico
Future of free childcare for all families in New Mexico remains uncertain
Gov. Michelle Lujan Grisham has no regrets about universal childcare.
As she approaches the end of her second term in New Mexico’s top office, she acknowledges there are some things she would have done differently. In a recent interview, she called 20/20 hindsight a “very powerful tool” that not enough politicians put to good use.
Moving the state toward a free childcare system — open to all New Mexico families regardless of income — isn’t on that list, however. The issue has turned into one of the defining public policy issues of Lujan Grisham’s tenure — which will come to an end later this year. The state’s heavily Democratic Legislature, initially wary of the program, has since voiced support and created a funding stream to continue the initiative for the next five years.
‘You have to start there’
Childcare costs, benefits
‘We have to get it right’
GOP might ‘peel back’ scope
New Mexico
Opinion: Applauding Heinrich for bi-partisan permitting reform work – New Mexico Political Report
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