Gov. Martinez includes business tax cuts in budget
Posted at: 01/05/2012 2:51 PM | Updated at: 01/05/2012 5:56 PM
Gov. Susana Martinez presented a $5.61 billion budget Thursday that will cut taxes for certain businesses and veterans.
Martinez presented her budget as a counterpart to a budget proposal presented earlier this week by the Legislative Finance Committee.
The budget presented by Martinez would increase spending by $3.6 percent in the next fiscal year, which begins on July 1, 2012.
The LFC’s budget calls for an increase in spending of 4.6 percent.
The governor's budget also says state employees will not have to take an additional 1.75 percent cut of their annual pay to go towards their retirement.
The LFC’s budget restores the state’s contribution and also includes a half-percent raise for state employees. Most state employees have not gotten raises since 2008.
The governor’s budget also contains a number of tax breaks for certain businesses and veterans.
Her budget would give a $1,000 tax credit to businesses who hire returning veterans. It would also provide a 25 percent tax exemption on the pensions of returning veterans.
The Martinez budget would also reduce or eliminate gross receipts taxes for about 40,000 small businesses.
And it would include $97.2 million in increased funding for schools.
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