NM Democrats propose bills to diversify state's economy | KOB 4
Advertisement

NM Democrats propose bills to diversify state's economy

Nathan O'Neal
February 18, 2019 05:26 PM

SANTA FE, N.M.- New Mexico Democrats are introducing bills that they say will fundamentally change the state’s economic structure.

Advertisement

Currently, the oil and gas industry makes up about 45 percent of New Mexico’s revenue.

However, Democrats would like to open up a market for recreational marijuana, boost the film industry by lifting the tax incentive cap and create internships to get more young people involved in the film industry.

“We've had eight years of economic contraction and population stagnation in New Mexico and the time is now to turn it around and these bills are, we think are, going to be at the forefront of re-energizing our state's economy,” said House Speaker Brian Egolf

While Democrats focus on how to grow the economy, Republicans are critical of how they plan to the revenue.

House Bill 2 passed out of committee Monday. It would increase state spending to nearly $7 billion.

Republicans believe the plan is irresponsible.

Rep Jason Harper released a statement that said, “This level of spending is reckless, unsustainable and will only lead to tax increases on all New Mexico families this year and cuts to education in the future."

House Republicans plan to release their own spending plan later in the week.

Credits

Nathan O'Neal

Copyright 2019 KOB-TV LLC, a Hubbard Broadcasting Company. All rights reserved

Advertisement
Comment on Facebook

Share 4 - News Tips - Photos - Videos
  Share a News Tip, Story Idea, Photo, Video



Advertisement

Relay Media Amp

Advertisement

Advertisement




APD seeks public's help to find missing 13-year-old

New Mexico family remembers woman killed by drunk driver

2 Uber passengers killed in crash on Alameda

Boy Scouts honor fallen soldiers by placing flags at their graves

Albuquerque neighbors concerned about brown tap water