Legislative leaders OK study of state tax base
SANTA FE – A bipartisan council of legislative leaders agreed Monday to seek proposals for a new study of New Mexico’s tax base – a move aimed at guiding efforts to overhaul the tax system, officials said.
The goal is to pick a company within 30 days to do the work and have the data available by the fall.
Pam Stokes, a staff attorney for the Legislative Council Service, said the study will focus mostly on gross receipts taxes and income taxes, both personal and corporate. She described it as the first of its kind.
The study should give lawmakers better information, Stokes said, on how state revenue would change if the tax code were revised. In other words, if the state were to impose a new tax on an industry – or eliminate taxes on certain transactions – the Legislature would have a solid estimate of the financial impact.
Read more: https://www.abqjournal.com/1013483/nm-lawmakers-seek-first-of-its-kind-tax-study.html