How New Mexico’s small business owners faired during the 2024 legislative session.
The New Mexico Legislature adjourned its 30-day session in February. Although some harmful bills advanced to the Governor’s desk, small business owners secured several victories with the defeat of costly mandates and the passage of tax relief.
NFIB New Mexico State Director Jason Espinoza hosted a virtual event with small business owner members to recap the legislative session and encourage participants to stay engaged.
“Though there were some harmful bills that made it to the Governor’s desk, at the end of the day, engagement from our small business owners prevented devastating mandates from advancing,” Espinoza said. “Going forward, we’ll work with state officials and lawmakers to mitigate the harms of laws we opposed and continue to promote policies that make it easier to do business in New Mexico.”
CLICK HERE to view the virtual event.
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Below is a summary of a handful of the victories and challenges of the 2024 legislative session.
VICTORIES
- Paid Family & Medical Leave Mandate: Defeated on the House Floor. This overly broad and ambiguous proposal would have imposed nearly a one percent payroll tax and mandated 12 weeks of PFML and safe leave for employees. Though a version of the mandate passed the Senate, engagement from small business owners turned the tide against the bill in the House. The bill was defeated on a bipartisan basis on the second to last day of the session. This is the second year in a row that NFIB New Mexico has defeated a PFML mandate.
- So-Called ‘Green Amendment’: Tabled in Committee. This bill amended the New Mexico Constitution to provide the people of the state with the right to clean and healthy air, water, soil, and environment. The proposal would create a private right of action for every New Mexican and undermine the existing regulatory environment. If adopted, it would stall construction, development, and renovation projects across the state, including renewable energy projects. Momentum is against this bill, and it was tabled in committee on a bipartisan basis.
- Personal Income Tax Reduction: Signed into law. All income taxpayers will see a decrease, with the greatest savings in dollar terms among middle-income earners. NFIB New Mexico continues to educate lawmakers on the importance of personal income tax reductions for small business owners, who often are structured as pass-throughs.
CHALLENGES
- Clean Fuel Standard (SB 14): Signed into law. SB 14 authorizes the Environmental Improvement Board to adopt rules to establish and assess fees for a clean fuel standard. NFIB New Mexico has opposed efforts to implement a low carbon fuel standard and in September 2023 urged lawmakers to reject the proposal. NFIB New Mexico will engage in the rulemaking process to try and mitigate the harm of SB 14 for small business owners.
