Connect with us

Hi, what are you looking for?

Finance

New Mexico Governor Pitches Tax Relief of $750 in New Budget

106915697 1627008062623 gettyimages 1052692320 PGONCHAR 70W8811 scaled

According to Gov. Michelle Lujan Grisham’s 2024 Budget, all state government and public school employees in New Mexico will receive a 4% pay increase and all taxpayers will receive a $750 rebate by July.

33HATZWUGFMMXMOMWL5YVRJQII

The governor’s $9.4 billion spending plan announced Tuesday represents an increase of almost 12% from the current fiscal year. It is one of the tallest in the state’s history, according to the governor’s office.

READ ALSO: $15,000 Prize from Jackson Hewitt Awaits if You File Your Taxes Early

A proposed budget that will increase investment in priority areas such as education, public safety, housing and homelessness follows New Mexico’s record revenues. Recurring revenue for fiscal 2024 is expected to reach nearly $12 billion, including $3.6 billion in so-called new money.

In his statement, Lujan Grisham said, “Today we have a historic opportunity to change New Mexico.

The governor, who won her second term in November for her four-year term, said the spending plan builds on the progress and successes of her first term, which she says will help “invest in new innovation through funding programs and policies. We continue to improve the lives of the people of Mexico.” is an initiative that we know works.

The proposed budget, a key part of the legislative session that begins next week, “also seeks new and innovative policies that will challenge the status quo and help our children, families, schools and our small families. We empower the state to carry on. Businesses and the economy as a whole are growing and thriving,” said Lujan Grisham.