Post by pavel on Feb 3, 2016 6:50:02 GMT -6
Senator who sponsored tax-cut package last year files bill to delay some cuts
A state senator who three years ago sponsored a sweeping tax-cut package pushed by Gov. Susana Martinez has introduced legislation to delay key parts of the package, including scheduled reductions in the state’s corporate income tax.
But Senate Finance Committee Chairman John Arthur Smith, D-Deming, said Tuesday that he introduced Senate Bill 252 as a “backup” in case the state’s revenue picture takes another turn for the worse. He said he won’t push for any committee hearings on the bill unless revenue projections indeed go down again later in the session.
“We’re not certain that the $30 million in new dollars is a reliable number,” Smith told a reporter. The bill, he said, is “sort of an option” in case falling oil and gas prices once again cause revenue projections to go down.
Last week, state financial analysts cut revenue expectations for next year by more than $200 million. This left the Legislature only about $30 million in new money to increase spending above this year’s $6.3 billion budget.
Read more: www.santafenewmexican.com/news/legislature/senator-who-sponsored-tax-cut-package-last-year-files-bill/article_39da3001-4dee-5f45-9be3-6291b24473ab.html
A state senator who three years ago sponsored a sweeping tax-cut package pushed by Gov. Susana Martinez has introduced legislation to delay key parts of the package, including scheduled reductions in the state’s corporate income tax.
But Senate Finance Committee Chairman John Arthur Smith, D-Deming, said Tuesday that he introduced Senate Bill 252 as a “backup” in case the state’s revenue picture takes another turn for the worse. He said he won’t push for any committee hearings on the bill unless revenue projections indeed go down again later in the session.
“We’re not certain that the $30 million in new dollars is a reliable number,” Smith told a reporter. The bill, he said, is “sort of an option” in case falling oil and gas prices once again cause revenue projections to go down.
Last week, state financial analysts cut revenue expectations for next year by more than $200 million. This left the Legislature only about $30 million in new money to increase spending above this year’s $6.3 billion budget.
Read more: www.santafenewmexican.com/news/legislature/senator-who-sponsored-tax-cut-package-last-year-files-bill/article_39da3001-4dee-5f45-9be3-6291b24473ab.html