New Mexico Governor Vetoes Broad Tax Cuts, Keeps $500 Rebates

New Mexico Gov. Michelle Luján Grisham signed provisions of a sweeping tax bill to give $500 tax rebates to all filers and expand the state’s film and TV tax credit but used her line-item veto authority Friday to reject broad changes to personal and business taxes.

Gone are provisions that would have reduced individual taxes, set a flat corporate income tax rate, adopted a single sales factor formula for apportioning company income, and changed the capital gains deduction cap.