Albuquerque, NM – The New Mexico Green Chamber of Commerce expressed its deep disappointment with Governor Martinez’ veto of a measure to close a tax-loophole that allows “big-box” companies to claim their profits in states that don’t have corporate income tax. New Mexico is the last Western state that allows “big-box” companies to use this loophole to avoid taxes and shift the tax burden onto the backs of Main Street business.
Senate Bill 9 (SB9), sponsored by Senator Peter Wirth of Santa Fe, was approved by a bi-partisan vote in the 2012 New Mexico State Legislature, after nearly a decade of attempts. Martinez’ veto means that New Mexico small businesses will continue to pay more in corporate income taxes than their out-of-state “big box” competitors.
“Vetoing SB9 keeps New Mexico owned businesses at a disadvantage against big-box stores,” said Doug Zilm, NMGCC member. “As a grocery store manager, who pays his fair share of taxes because I’m part of this community, I’m terribly disappointed the Governor would protect this tax loophole for out-of state corporations. I’m worried that the Governor doesn’t support the small businesses that support New Mexico.”
Read the full release: Disappointment with Governor’s Veto of SB9