New Mexico House of Representatives seeks to boost personal income taxes
FOR IMMEDIATE RELEASE
Contact: Jason Espinoza, State Director, 505-417-4001, [email protected]
or Tony Malandra, Senior Media Manager, 415-640-5156, [email protected]
SANTA FE, N.M., March 1, 2019—A legislative proposal to spike New Mexico’s personal income tax rate to 6.5 percent from 4.9 percent will be heard on the floor of the state House of Representatives, today.
House Bill 6, which would boost the tax rate, is a catch-all package that includes capital gains, motor vehicles, tobacco products, remote sellers, hospitals, and other target areas the state seeks to raise revenues from.
“Boosting the personal income tax rate is one more handful of sand this Legislature seems to want to throw into the fine-running engine of the small-business economy,” said Jason Espinoza, NFIB’s New Mexico state director, in reference to recent Small Business Economic Trends reports showing small-business optimism, hiring, and employee compensation at record, 45-year highs.
“It shall forever be the mission of NFIB to remind lawmakers that between 80 percent to 90 percent of small-business owners file their taxes based on personal income tax rates, not corporate rates,” said Espinoza. “House Bill 6, whether its proponents realize it or not, is a direct broadside on Main Street, New Mexico enterprises, and creating a deduction for dependents does not lessen the blow.”
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For more than 75 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is a nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses and remains so today. For more information, please visit nfib.com.
National Federation of Independent Business New Mexico
505-417-4001,
www.nfib.com/new-mexico
Twitter: NFIB_NM
