12 things not to miss at Light City Baltimore 2017

John Arthur Smith

Senate wants to raise $350M in taxes, fees to boost budget

A Senate panel released a plan Thursday to raise $350 million in new taxes and fees to shore up New Mexico state finances in the coming fiscal year, amid a grinding budget crisis linked to energy prices and a sluggish economy.

After a week of backroom meetings, the Senate Finance Committee announced amendments to a House-approved taxation bill that would more aggressively increase revenue to close a $128 million budget shortfall and rebuild state reserves to protect New Mexico's credit rating.

Senate Finance Committee Chair John Arthur Smith, D-Deming, has warned repeatedly that without new revenue streams, additional funding cuts to public schools and state universities are...

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