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2021 NEW MEXICO LEGISLATURE

Governor signs COVID-19 relief bills

Posted

Two bills to help low-income workers, restaurants and other businesses impacted by the COVID-19 pandemic were signed Wednesday, March 3, by Gov. Michelle Lujan Grisham.

Senate Bill 1 will provide a one-time tax credit of $600 for people earning up to $31,200 and married families earning up to $39,000 who claim the Working Families Tax Credit. It will also provide a four-month tax break for restaurants, from March through June of this year.

Senate Bill 3 amends a low-interest loan program passed during the special session in June to make the loans available to more small businesses that were impacted by the pandemic. The governor had previously signed House Bill 11, which made $200 million in grants available to small businesses.

“This pandemic has been devastating for everyone, but the pain has been spread unequally,” Lujan Grisham said. “My hope is these economic relief efforts reach those who need them the most, and my commitment is New Mexico will continue to step up and support those who need it now and in the future as we build out a successful and sustainable economy.”

Tax reform

The New Mexico House of Representatives passed a tax reform package Wednesday that would add new brackets for the state’s highest earners and expand credits for those who earn the least.

House Bill 291 would create new rates at 5.5 percent for those earning $135,000 a year or more, 6.2 percent for those earning $280,000 or more and 6.5 percent for those earning more than $415,000. The top rate is now 5.9 percent. It would also end tax breaks on second homes and limit capital gains reductions on the sale of stocks, bonds and businesses.

For low-income filers, the bill would expand both the Working Families Tax Credit and the Low Income Comprehensive Tax Rebate. Supporters of the bill note that, under the current code, those earning $25,000 a year pay the same rate as those earning $250,000.

“House Bill 291 reforms and brings some fairness to our tax code,” said cosponsor Rep. Christine Chandler, D-Los Alamos.

Fenced in

In comments on the Senate floor Wednesday, Sen. William Sharer, R-Farmington, questioned why a fence erected around the Roundhouse at the start of the session in January in response to reports of possible civil unrest was still standing.

“What’s the threat today? Why is this dude still up? Are we worried about insurrectionists or COVID or reindeer running through?” Sharer asked. “Are we trying to keep us in or are we trying to keep other people out?”

Senate President Pro Tempore Mimi Stewart, D-Albuquerque, said the decision was made by leaders from both parties in consultation with security experts to keep the fence up.

Walter Rubel can be reached at waltrubel@gmail.com.

Walt Rubel, Senate Bill 1, Senate Bill 3

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