As New Mexico ushers in the new year, several legislative changes are set to take effect on January 1, 2025, impacting various aspects of life in the state. Here’s an overview of the key laws and regulations coming into force:
Tax Reforms and Incentives
- Corporate Income Tax Adjustment: The new law is transitioning New Mexico to a flat corporate income tax rate of 5.9%, replacing the previous two-bracket system. This change aims to simplify the tax structure for businesses operating within the state.
- Advanced Energy Equipment Income Tax Credit: A new law will offset up to 20% of equipment costs for producing components related to solar, wind, battery manufacturing, and rare earth elements. This initiative is expected to attract investments and stimulate job creation in the renewable energy industry.
Las Cruces Minimum Wage Increase
- Las Cruces Wage Hike: The minimum wage law in Las Cruces will raise the minimum wage to $12.65 an hour per hour from $12.36 per hour.
NOTE: A previous version of this article inaccurately described the New Mexico minimum wage to increase, which it is not.
State Park Fee Hike
- Fee Modifications: A state law grants residents free access to state parks from January 1 through April 30, 2025. Afterward, entry fees will return at higher rates. Non-residents can also claim free day passes starting in October, extending through April 30.
Health Insurance Plan Regulations
- Supplemental Plan Requirements: New insurance regulations mandate that accident-only, specified disease, hospital indemnity, and other fixed indemnity plans sold to individuals with major medical coverage must comply with specific standards. Insurers are required to obtain proof of major medical coverage before issuing these supplemental plans, ensuring consumers are adequately informed and protected.
These legislative updates reflect New Mexico’s efforts to enhance economic growth, support its workforce, and ensure the well-being of its residents. As these laws take effect, individuals and businesses should familiarize themselves with the changes to fully understand their implications and benefits.
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Raising the minimum wage – without exception a job killer.
Charging exorbitant fees for parks that your tax dollars maintain.
Ok, so there are so few employers to begin with. Now a small town diner or store must pay a worker $16 an hour. This is going to reduce the workforce and put small business out of business. The NM legislature truly stabbed small business in the back on this one.
Notice it did not say anything about it helping sm business owners. Ugh.
You mean the few small businesses that survived the insane covid restrictions?
Higher minimum wages equal higher prices, higher restaurant bills and LOWER tips….!
And less eating out
Tips will go by the wayside.
Lower tips to equal out price raise, possibly end tips n waitresses will quit.
Increased minimum wage simply means I’m taking a pay cut – and so are you!!!
The additional money to pay minimum wage workers has to come from somewhere – guess what, as the consumer, you will foot the bill!!!
When everything costs more, the amount of money you make doesn’t buy as much as it used to —– de facto pay cut.
This looks like a good way to help destroy the middle class.
Couldn’t agree more. Raising minimum wages does little to help entry level workers and will likely kill more jobs. Those of us on fixed incomes or make more than minimum wage will have to bear the increased cost of just about everything. Going out to eat and other discretionary fund items will be the first to go as we all tighten up our wallets.
Why does the NM Dept of Workforce Solutions still say the minimum wage is $12?
https://www.dws.state.nm.us/Minimum-Wage-Information
When will people wake up and realize that this administration under the evil and ungodly MLG is ripping off its citizens? Stop electing these people who just want to destroy the middle class here in NM. Actually the far left in many states are working hard at doing that. $16 for minimum wage is ridiculous. For someone who has no work experience should not be getting paid $16 an hour. Yes I know a working wage. However; this is going to kill the small business and frankly I will refuse to pay higher prices for restaurants. MLG and get comrades are killing jobs and small businesses here in NM.
Well I did a little research, also called up my accountant, it appears someone had a fat finger or got bad info, I’m not finding anywhere that the minimum wage is increasing in NM to $15 pr hour. Pinion post has usually been spot on, but missed this one, I nearly had heart failure. If someone has different info, please share.
SAME!
Why does the NM Dept of Workforce Solutions still say the minimum wage is $12?
https://www.dws.state.nm.us/Minimum-Wage-Information
Like everything the Dem legislature and the governor does…there will be “unintended” consequences that will end up punishing the New Mexico taxpayer
Expect to see a lot of small businesses in small towns go under.
This minimum wage info came from 2023 NM House Bill 25, which had a 2025 $16/hr minimum wage increase.
https://www.nmlegis.gov/Sessions/23%20Regular/bills/house/HB0025.HTML
The bill died “action postponed indefinitely” on 1/30/2023
https://www.nmlegis.gov/Legislation/Legislation?Chamber=H&LegType=B&LegNo=25&year=23
No follow up bills to hike the minimum wage that I can find.
I agree the minimum wage should not go up to 16.00. But nowhere in this article does it claim so. If you read it right, it says Las Cruces is raising the minimum wage from 12.36 to 12.65. That’s not horrible and not state wide. I detest MLG for the troll she is, but let’s keep vigilant on watching our crooked state government without getting hysterical and wrong. Happy New Year….thank God for our new President Trump!!!!! MAGA