SANTA FE — Gov. Bill Richardson on Tuesday proposed a $200 million tax increase — which he called temporary — to shore up state finances and balance next year’s budget.
The tax proposal was part of $300 million in additional revenues that Richardson factored into his budget recommendations to the Legislature.
Richardson proposed spending more than $5.3 billion in state revenue next year on public education and general government programs such as courts and prisons. That’s close to the spending suggested by the Legislative Finance Committee, which released its budget proposals on Monday.
Full story: New Mexico governor proposes $200M tax increase