| Busy Weekend |
|
|
|
| Monday, 15 February 2010 14:36 |
|
This weekend was a busy one for the legislature. The Senate passed the budget the on the Senate Floor. The budget included “revenue enhancements” proposed in SB10: FOOD TAX ON ACCESSORY FOOD ITEMS sponsored by Sen. B. Sanchez, and SB30: CIGARETTE AND TOBACCO PRODUCTS TAX DOUBLED sponsored by Sen. D. Feldman. The budget is now in the House for concurrence.
HB259: PRIVATE ACTIONS FOR LACK OF ENVIRONMENTAL ENFORCEMENT sponsored by Speaker B. Lujan did not pass the floor on an 32-34 vote. This bill would authorize a person whose interests may be adversely affected and who has provided the 60-day notice to intervene in the administrative or court enforcement action brought by an agency. Under current law, there is no authorization for such intervention. This could substantially increase the cost of litigation with the agencies and make possible settlement more difficult. Interveners will have the right to approve or object to any settlement reached with the agencies. The Senate Corporations and Transportation Committee passed HB8: Appropriation for Economic Development Training (JTIP) sponsored by Speaker Lujan. This bill appropriates $5.0 million from the General Fund to the Development Training Fund for providing in-plant and classroom training. That committee tabled lots of tax increases this weekend as well, including: HB9: ONE PERCENT INCOME TAX SURTAX introduced by Rep. E. Sandoval a one and one-half (1.5%) percent personal income tax surtax on married individuals filing separate returns with income over $100,000, on heads of household, surviving spouses and married individuals filing joint returns with income over $200,000 and on single individuals and estates with income over $133,000 for the 2010, 2011 and 2012 tax years.
SB65: RAISES PERSONAL INCOME TAX RATES introduced by Sen. G. Ortiz y Pino that would raise, beginning with the 2010 tax year, personal income tax rates by adding five new brackets. SB90: Mandatory Combined Tax Returns introduced by Sen. P. Wirth requires almost all corporations operating in New Mexico that are members of a family of corporations engaging in a unitary business to file a combined return for New Mexico corporate income tax purposes. SB122: SURTAX ON HIGH-INCOME NEW MEXICO TAXPAYERS introduced by Sen. B. Sanchez would impose a surtax of one percent on taxable income in excess of $80,000 for married individuals filing separate returns; $160,000 for heads of household, surviving spouses and married individuals filing joint returns; or $100,000 for single individuals and for estates and trusts. SB128: PERSONAL INCOME TAX SURTAX, DISTRIBUTION CHANGES Sen. E. Griego would, for the 2010, 2011 and 2012 tax years, adds a 3.3 percent personal income tax surtax on married individuals filing separate returns with income over $75,000, on heads of household, surviving spouses and married individuals filing joint returns with income over $150,000 and on single individuals and estates with income over $100,000. SB142: LIQUOR TAX BOOST FOR TREATMENT FUND introduced by Sen. B. Sanchez would increase liquor excise tax rates, as follows: on spirituous liquors, from $1.60 to $2.73 per liter; on beer (except that produced by microbreweries) from $0.41 to $0.94 per gallon; on beer produced by microbreweries, from $0.08 to $0.61 per gallon; on fortified wine, from $1.50 to $1.92 per liter; and on cider, from $0.41 to $0.94 per gallon. This tax would only impact the private sector businesses. SB210: PERMANENT TAX INCREASE ON HIGH INCOME PEOPLE sponsored by Sen. L. Lopez adds a new, permanent personal income tax bracket imposing a rate of 5.9 percent, starting with taxable incomes over $100,000 for married persons filing jointly, heads of household and surviving spouses and at $50,000 for single individuals and estates and trusts. |




















