Santa Fe, NM - (AP) - Democratic legislative leaders are proposing a budget-balancing package that will increase taxes by $233 million a year.
The tax proposals will be considered during a special session of the Legislature that Gov. Bill Richardson is calling today because lawmakers failed to agree on a budget to finance budget schools and government services in the coming year.
House and Senate Democratic leaders negotiated a budget-balancing package of tax increases and spending cuts.
Among the proposals are a quarter-cent increase in the gross receipts tax and a 50-cents-a-package increase in cigarette the tax. Another measure will reinstate a portion of the gross receipts tax on food.