New Mexico Governor Michelle Lujan Grisham is proposing an energy relief tax rebate for taxpayers to help alleviate the financial strain of rising prices. The proposed funding for the rebates comes from New Mexico’s oil industry, which is providing an unexpected financial boost. As oil prices climb, the state is collecting more money from taxes, with a potential $825 million boost in state revenue.
Rebate Proposal Details
The governor is proposing to use the extra revenue to send $250 rebate checks to every taxpaying New Mexican. However, some lawmakers argue that a one-time check is only a temporary fix and are pushing for longer-term solutions. State Sen. George Muñoz, a Democrat, considers a tax rebate to be a short-term bandage on a long-term issue, suggesting that the state could use the extra revenue to fund existing programs or reduce income taxes.
House Republican Leader Gail Armstrong also questioned the timing of the governor’s announcement, stating that a $250 rebate is welcome but that New Mexicans deserve to keep more of their own money every year. Armstrong took the position a step further, stating she would like to see the state income tax abolished entirely.
Original reporting: KOAT Albuquerque — read the source article.
