SANTA FE, N.M. (AP) — New Mexico lawmakers are getting a new financial planning tool designed to help them forecast future tax revenues as they contemplate changes to the state tax code.
Republican Sen. Bill Sharer said Monday that he hopes the forecasting tool will help lawmakers move forward with efforts to lower tax rates by closing loopholes in the state's complex gross receipts tax laws.
The Legislature is spending $400,000 on the fiscal calculator to anticipate the consequences of tax reform on state government income, family finances and business interests.
Proposals to do away with dozens of tax credits, deduction and exemptions stalled in the Statehouse this year.
Leading lawmakers say they're unlikely to take up comprehensive tax reforms during the upcoming 30-day session in January and will focus on budgetary and crime issues.