News Release: New Mexico in top 10 for tax equity

Michelle Lujan Grisham

Governor

Stephanie Schardin Clarke

Cabinet Secretary

Media Contact: Charlie Moore

Charlie.Moore@tax.nm.gov

(505) 670-5406

January 12, 2024

New Mexico among top 10 for tax equity

State jumps 18 spots in latest Institute on Taxation and Economic Policy report

SANTA FE— New Mexico is now among the top 10 states for most equitable tax structures thanks mostly to changes signed into law by Gov. Michelle Lujan Grisham over the past five years, according to a new report by the Institute on Taxation and Economic Policy (ITEP).

In its most recent ITEP ranking, New Mexico was the most improved, vaulting up 18 spots to number nine in the nation among the 50 states and the District of Columbia.

“New Mexico stands out for moving 18 spots in the Index rankings through reforms to refundable credits and more robust taxation of capital gains, among other policy changes ,” the “Who Pays?” report states.

“This is wonderful recognition for the progress that this administration and the Legislature have made in recent years. Hundreds of thousands of New Mexico taxpayers have gotten relief under a tax code that is now far more equitable than it was five years ago,” said Taxation and Revenue Secretary Stephanie Schardin Clarke.

Gov. Lujan Grisham and the state Legislatur