ALBUQUERQUE, N.M. (AP) – Saying she hoped to see similar bipartisanship in the future, New Mexico Gov. Susana Martinez signed into law Monday a package of tax incentives recently approved by legislators during a quick special session.
The Republican governor told business leaders and small business owners at the BioScience Center in Albuquerque that the incentives will help recruit new businesses to New Mexico, make it easier for small businesses to grow and boost trade and commerce along New Mexico’s southern border.
“We must diversify our economy and grow our private sector, and that requires us to make it easier for those with great ideas to start a new business in New Mexico,” Martinez said.
With Martinez’s signature, roughly a half-dozen tax incentives already on the books are being expanded. Two new tax breaks are being created.
In addition, the legislation will also extend the tax deduction relating to unreimbursed medical costs and used by around 300,000 mostly low-income and elderly New Mexican residents.
Last week, the GOP-controlled House and the Democratic-led Senate raced through a four-hour special session following an agreement that called for a compromise on capital spending.
The tax incentives were among the three pieces of legislation that passed both chambers. The measures came after Martinez and Senate Democrats negotiated for nearly 50 days before the governor agreed to call a special session to tackle the measures that failed in pass in the partisan regular session.
“We’re not like Washington. We talk,” Martinez said. “It’s not always sweet talk.”
House Speaker Don Tripp, R-Socorro, also praised both parties for coming together to pass the jobs package and funding for capital projects. “This is a jobs package that every New Mexican can be proud of because it is the direct result of lawmakers from both parties and chambers working together to put our families first,” Tripp said.
Martinez still needs to sign a bill on capital funding and said Monday she is finishing her review of the projects. She is expected to sign it later this week.