The New Mexico Legislature's House Taxation and Revenue Committee convened on February 26, 2025, to discuss several key legislative proposals aimed at enhancing economic development and improving data sharing for tax analysis.

The meeting began with a motion to advance House Bill 2, which focuses on economic development through the utilization of existing infrastructure assets. Representative Leshner emphasized the bill's goal of diversifying New Mexico's economy and reducing its status as a "bridge state" in economic development. The committee had previously conducted an extensive hearing on this bill, which included significant public input. The bill was amended to incorporate specific language requested by unions regarding the operations and maintenance of trade port projects, ensuring compliance with the Public Works Minimum Wage Act.

Following the discussion on House Bill 2, the committee moved on to House Bill 199. This bill, endorsed by the Legislative Finance Committee (LFC), seeks to allow the Taxation and Revenue Department to share certain tax data with the LFC for evaluation purposes. The data sharing is intended to enhance the LFC's ability to analyze economic impacts and improve future economic outlooks. The bill includes provisions to maintain confidentiality and ensure that no personal identifiable information is disclosed.

During the discussion, committee members raised questions about the necessity of the bill and the implications of sharing tax data. It was noted that current state law restricts access to tax information, which has limited the LFC's analytical capabilities. The expert witness, Mikaela Fisher, explained that access to this data would significantly improve the quality of evaluations conducted by the LFC.

The committee unanimously voted to pass House Bill 199, indicating strong support for the initiative aimed at strengthening the LFC's evaluation unit. The meeting concluded with a transition to House Bill 207, where an amendment was introduced and discussed.

Overall, the meeting highlighted the legislature's commitment to fostering economic growth and improving data transparency in tax analysis, with both bills reflecting a proactive approach to addressing New Mexico's economic challenges. Further discussions and votes on these bills are expected in upcoming sessions.