NM Lawmakers OK Report On Tax Breaks

The state will prepare a report on all tax breaks and incentives offered in New Mexico under legislation heading to Gov. Susana Martinez.

The bill won final approval in the Legislature on Wednesday when it passed the House on a 58-10 vote.

Supporters say the report — called a tax expenditure budget — will help lawmakers assess the effectiveness of more than 400 tax provisions that reduce revenue by an estimated $1 billion.

The report is to determine the number of jobs created by each tax incentive as well as their cost and the number of businesses that qualify for the tax break.