Governor Susana Martinez's administration wants to cut corporate income taxes and make additional changes to the way those taxes are assessed.
The Albuquerque Journal reports state economic development secretary Jon Barela says the move would create 7,000 to 8,000 jobs over the next couple of years, jobs that could stem job losses from projected federal budget cuts.
Barela says the proposal would need support from Democrats and Republicans in the state legislature. The current corporate tax rate in New Mexico is 7.6 percent. The Martinez administration is calling for it to be reduced to 4.9 percent.
The tax proposal would also include a single sales factor, meaning in-state companies that sell products to out-of-state buyers would pay very little corporate income taxes.