SANTA FE, N.M. (AP) — New Mexico lawmakers wrapped up their work Saturday by rushing through a last-minute package of business tax cuts supported by Republican Gov. Susana Martinez to encourage economic development.
By approving the tax measure, the Democratic-controlled Legislature averted a possible special session later this year. The governor said she would sign the tax cuts as well as a $5.9 billion state budget she previously had threatened to veto.
The tax measure cleared the Legislature in the final minute of the session, with the House agreeing to it as time ran out.
“It was a dramatic close to the session. It came down to literally the last few seconds, but this was an important victory for all of New Mexico,” Martinez said after the session.
The governor made business tax cuts a centerpiece of her legislative agenda and has complained that New Mexico isn’t competitive with neighboring states because of its corporate income tax.
The measure will reduce the state’s corporate income tax rate from Login to read more