COULD NEW MEXICANS BE FACING A TAX INCREASE? SENATE FINANCE COMMITTEE CHAIRMAN JOHN ARTHUR SMITH SAYS REVENUE ENHANCEMENTS MAY HAVE TO BE CONSIDERED IN LIGHT OF THE STATE’S BUDGET PROBLEMS. HE SAYS YOU CAN ONLY CUT SO MUCH. HE SAYS THE STATE IS REACHING THE BOTTOM OF THE BARREL IN PROVIDING ADDITIONAL REVENUE.
STATE LAWMAKERS WERE TOLD LAST WEEK THAT REVENUE COLLECTIONS ARE DOWN TEN PERCENT THIS BUDGET YEAR COMPARED TO A YEAR AGO. LOWER OIL AND GAS PRICES ARE A REASON FOR THE DECLINE.
