In a recent session of the Senate Finance Committee in Santa Fe, New Mexico, House Bill 11 was defeated with an 8-3 vote. The bill proposed what was described as the largest mandated tax increase on employees and employers in the state's history. Despite efforts from progressive leaders, Senate Republicans opposed the measure, citing potential negative impacts on small businesses and economic development.
Senate Finance Committee Republican members, including Senators Pat Woods, Craig Brandt, Steve Lanier, and Nicole Tobiassen, released a joint statement following the vote. They expressed relief at the bill's failure and criticized it as detrimental to New Mexico's economy. "Every New Mexico small business owner, employer, industry leader, and employee can breathe a sigh of relief following today’s vote," they said. The senators emphasized their commitment to opposing similar policies in the future.
The defeat of House Bill 11 is seen by its opponents as a victory for common sense and economic stability in New Mexico.
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