ALBUQUERQUE, N.M. (AP) — New Mexico Gov. Susana Martinez says she will add comprehensive tax reform to a yet-to-be-announced special session aimed at solving the state’s budget crisis.
The Republican governor made the announcement Thursday at the 14th Annual New Mexico Tax Research Institute Policy Conference.
Martinez is demanding lawmakers support a more ambitious tax-code overhaul designed to improve the state’s business climate by eliminating hundreds of tax breaks, including long-standing exemptions for nonprofit organizations.
She says reforms will help avoid adverse impacts of the boom-bust oil and gas industry.
Similar reforms, which stalled in the Democratic-controlled Legislature this year, would lower standard tax rates on sales and services.
Democratic Senate Majority Leader Peter Wirth says reforms have to broaden the tax base and lower rates, not redistribute taxes from one group to another.