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Home > News : Story
House debates tax increases, state budget
Posted: 02.05.2010 at 2:56 PM
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Read more: Local, Economy, Politics, New Mexico House, New Mexico, Gov.Bill Richardson, State Budget, New Mexico State Budget

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SANTA FE, N.M. (AP) - The House has approved an effort to increase New Mexico's sales tax by $238 million next year to help balance the state budget.

The House voted 34-32 Friday to increase the gross receipts tax by one-half cent and phase it out by July 2014.

Republicans opposed the measure, saying government spending should be cut more before taxes are increased. Democratic leaders warned that public schools will be hurt by deep budget reductions unless taxes are raised.

The House was considering tax measures that would generate $400 million next year to shore up state finances. That represents the largest tax increase package in more than 20 years.

(Copyright 2010 by The Associated Press. All Rights Reserved.)
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