NM Democrats propose bills to diversify state’s economy

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

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.

Source Article