[LWVNM Action] HB252 is now the Omnibus Tax bill

[Richard Mason]

This morning the House Tax & Revenue Committee passed a committee substitute for HB252. This is now the Omnibus Tax bill. This includes all proposed tax credits, tax reform, etc.
Here is my best summary
    Lowers PIT on lower income workers - LWVNM support
    Lowers the Capital Gains deduction - LWVNM supports
    Corporate flat tax rate - LWVNM supports - generates revenue
    Energy Storage Development Tax Credit - LWVNM supports
    A couple of health care tax credits that the LWVNM could support - child care providers & rural health providers
    Angel investment tax credit - LWVNM has no position
    Single Sales Factor - Two of the most progressive legislators on tax policy (Chandler & Wirth) oppose this,
         I do not understand the pros & cons, but most states have this (red & blue). In NM it is a big plus for gas & oil
         The FIR says zero impact. Good chance the Senate will remove it.
Overall this a package the LWVNM can support
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.swcp.com/pipermail/action/attachments/20240205/335a7f7e/attachment.htm>