THE 2015 NEW MEXICO LEGISLATIVE SESSION GETS UNDERWAY TUESDAY IN SANTA FE. AND WITH SHRINKING TAX REVENUES DUE TO FALLING OIL PRICES, IT COULD BE A CHALLENGE TO PUT TOGETHER A BUDGET. BUT SENATE FINANCE COMMITTEE CHAIRMAN JOHN ARTHUR SMITH SAYS THERE IS AN UP-SIDE DUE TO THE CHEAP GAS PRICES WE'RE NOW SEEING.
HE SAYS THE TAX PAYING PUBLIC IN THE STATE WILL HAVE MORE DISPOSABLE INCOME, THANKS TO THOSE LOWER PRICES AT THE PUMP. AND THAT COULD RESULT IN MORE GROSS RECEIPTS AND INCOME TAXES COMING INTO THE STATE.
BOTH THE LEGISLATIVE FINANCE COMMITTEE AND GOVERNOR MARTINEZ ARE PROPOSING A BUDGET OF ABOUT 6.3 BILLION DOLLARS FOR NEXT FISCAL YEAR.
