A bill that would raise payroll taxes for both employees and employers and provide for up to three months of paid leave for all New Mexico employees passed the Senate floor Saturday on a largely party-line vote with Republicans being joined by two Democrats in opposition.
Opponents of SB-11 have pointed to the non-partisan Fiscal Impact Report attached to the bill as a reason not to pass it. The study says the bill would require adding 200 employees to Workforce Solutions to implement the plan. It also points out that it could become insolvent within the first two years.
The New Mexico Chamber and the New Mexico Chamber Executives Assn. are urging businesses to contact Representatives and urge them to vote against the bill.
The bill would provide for withholding tax of $5 for every $1,000 they earn and employers would pay $4. Employers with less than five employees wouldn’t be required to contribute but employees would still be taxed. |