IT’S HARD TO KNOW HOW MUCH YOU HAVE, IF YOU DON’T KNOW HOW MUCH YOU HAVE COMING IN. THAT’S WHY STATE SENATOR BILL SHARER OF FARMINGTON URGED LAWMAKERS DURING THE SPECIAL SESSION TO APPROVE FUNDING FOR A STUDY OF NEW MEXICO’S TAX SYSTEM.
THE STUDY WILL LOOK AT CURRENT EXEMPTIONS, DEDUCTIONS AND CREDITS, WITH THE HOPE OF CLARIFYING THE ACTUAL REVENUE COMING INTO SANTA FE. HE SAYS THE STUDY WILL DETERMINE EXACTLY WHAT NEW MEXICO’S TAX BASE IS.
SHARER HOPES THE DATA COLLECTED WILL SUPPORT HIS CALL FOR A 2 PERCENT TAX RATE. THE STUDY IS EXPECTED TO BEGIN IN A FEW WEEKS AND SHOULD BE COMPLETE IN 90 DAYS.
