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SANTA FE — A bill sponsored by Rep. Eleanor Chavez, D-Albuquerque, that would create greater transparency on tax expenditures and their impact on the state has passed the House of Representatives.
House Bill 161 would require the Secretary of Taxation and Revenue to provide the governor and the legislature with a tax expenditure budget with revenue impacts over $5 million. The bill passed with a vote of 63-0.
Rep. Chavez said, “This transparency measure will provide legislators with a thorough analysis of tax expenditures so that we can get a clearer picture of what’s working for New Mexico and what’s not.
Tax exemptions and credits that provide no significant gain for the state can then be put on the chopping block instead of continuing ineffective policy.”
Tax expenditures are provisions of tax law that provide benefits to particular activities or groups through reduced tax liabilities. Tax expenditures are not limited to economic development incentives. Numerous provisions are designed to provide relief from poverty, sickness or other disadvantages, to encourage the use of renewable energy, or to provide other public benefits (e.g. food tax deductions).
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