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At the beginning of the session, I called on the Legislature to pass reforms making New Mexico more competitive with neighboring states.
The mandatory cuts in Washington, D.C., will disproportionately hurt our state and while we will always fight to protect our labs and bases, we must simultaneously work to diversify our economy by building a stronger private sector.
I’m pleased that by passing the New Mexico Jobs Package, we reached a bipartisan compromise that will help our economy grow by leveling the playing field with surrounding states.
The New Mexico Jobs Package cuts the business tax rate from 7.6 percent to 5.9 percent. The 7.6 percent rate is the highest in the region and at 5.9 percent, New Mexico will be more in line with neighboring states.
This will help attract new job-creating businesses to our state and help existing businesses grow.
The new reforms will also spur manufacturing by ending the practice of penalizing New Mexico manufacturers for exporting their goods to other states or countries.
New Mexico leads the nation in export growth, and this tax reform will help build upon our success by encouraging existing manufacturers to expand while attracting new employers to our state.
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