New Mexico Voices for Children: New Mexico’s Capital Gains Deduction: A Capital Loss for New Mexicans
ITEP Work in ActionLegislation enacted in 2003 that allows New Mexicans with capital gains income to deduct half of that income from their state taxes has failed as an economic development tool. Further, it makes the state’s overall tax system lean more heavily on low-income families and exemplifies the need for a more robust accounting of tax giveaways. Those are the conclusions of a report released today by New Mexico Voices for Children.