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Tuesday, March 06, 2012

Martinez Vetoes SB9; updated with Senator Peter Wirth Statement

From Gov press release:

Governor Martinez also vetoed Senate Bill 9, a tax increase on an arbitrarily-chosen set of retailers that would kill jobs, pass higher prices on to consumers, and drive business out of the state.

"While proponents of this legislation may have had a few particular corporate targets in mind when pushing for this tax increase, the result would be much broader and raise taxes on businesses like grocery stores," the Governor said. "Increasing taxes on grocery stores, clothing retailers, and home improvement stores, while choosing to cut taxes for a different set of corporations - such as large banks, casinos, payday loan companies, or any other large corporation that pays corporate income tax - is not only misguided and arbitrary tax policy, but it's also not the way to foster economic growth in New Mexico."

“I’ve stated repeatedly that if this bill makes New Mexico less competitive, raises taxes, and drives up the cost of items that families and businesses buy every day, I would veto it – and it does just that,” the Governor concluded.

Senator Peter Wirth’s Statement on Veto of SB 9

I am extremely disappointed with the Governor’s veto of Senate Bill 9.  New Mexico businesses are the big losers today.  This was a chance to lower the top corporate tax rate and begin the process of fixing our tax code which is a mess.  Instead, the Governor sided with out-of-state “big box” retailers, letting them continue to avoid paying their fair share of New Mexico’s corporate tax.

Tax reform will not be easy.  The broad support for Senate Bill 9 shows that New Mexicans and New Mexico businesses want tax fairness.  I am committed to continuing a bipartisan tax reform discussion in future legislative sessions.

 

March 6, 2012 at 04:29 PM in NM Legislature 2012, Peter Wirth, Susana Martinez, Taxes | Permalink

Comments

Extremely disappointed? Could you please re-phrase that in terms that will make people realize how they are personally affected by this continuing corporate grifting of our state? You could not sound more like YOU are beyond its effects. After all YOU will be alright. Try again.

Posted by: qofdisks | Mar 6, 2012 11:38:50 PM