The Tax Policy Office consists of two areas: Tax Analysis, Research and Statistics, and Tax Information and Policy.
The Office develops and analyzes tax proposals for the Department, the Governor and State Legislators. The Department presents analyses and proposals to various interim and regular legislative committees. We help such groups and individuals as the Governor, individual legislators, legislative committees, municipal, county and Tribal governments, industries, and public interest groups to understand the New Mexico tax system and any proposed changes to it.
Tax Analysis, Research and Statistics Office
The economists in the Tax Analysis, Research and Statistics Office are members of the consensus revenue estimating team. This team forecasts State revenues. The revenue forecast is a critical element of the process of proposing and enacting the State Budget each year. The Office also provides fiscal and policy analyses and statistics about the tax system to lawmakers and the public. It develops data sets, models, methods, and research to support sound tax policy and forecasting. The Office also prepares a Fiscal Impact Report (FIR) on each bill that affects revenues and is considered during a legislative session.
Tax Information and Policy Office
The Tax Information and Policy Office develops information on state taxes and answers your questions. The office maintains 132 publications on tax-reporting rules, processes, and incentives such as the installation of solar panels for tax credit and other energy-saving actions that benefit the environment and individuals. During Legislative sessions the Office reviews all introduced bills, assigns those dealing with taxation for further review throughout the Department and disseminates Fiscal Impact Reports. After Legislative sessions, the Office assists the implementation of new legislation. The Office also manages the tax regulations and rulings process within the Department. Finally, it works closely with municipal, county and Tribal governments to implement new tax rates and agreements they enter into with the Department.