New Mexico Legislature adjourns, OKs tax bill

Posted at: 03/16/2013 12:11 PM
Updated at: 03/16/2013 10:35 PM
By: The Associated Press

SANTA FE, N.M. (AP) - The New Mexico Legislature has approved a last-minute package of business tax cuts to encourage economic development.

The tax measure won final approval in the final minute of the session as the House adopted a plan that was rushed through the Senate.

The measure would lower corporate income tax rates, but could force the state's larger cities and counties to raise taxes or face a loss in revenue in the future.

Republican Gov. Susana Martinez has made tax cuts for economic development a centerpiece of her legislative agenda.

Failing upon adjournment was a proposal to expand background checks of people buying firearms from private sellers at gun shows.

The Senate debated the measure but it died as opponents offered repeated amendments until time ran out.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)