EXECUTIVE VICE PRESIDENT’S MESSAGE JOHN W. ANDERSON Executive Vice President New Mexico Bankers Association 2024 LEGISLATIVE SUMMARY: MISSION ACCOMPLISHED Introduction The 2024 Legislature adjourned at noon on Thursday, February 15, having considered 344 House bills and 317 Senate bills over the course of 30 days. Seventy-two bills were approved by the Legislature. Of the 72 bills, Governor Michelle Grisham signed 69 bills and vetoed three. In her press conference shortly after the close of the session, the governor noted that she was frustrated that many of the public safety measures were not enacted by the 2024 Legislature. The governor was also frustrated with the defeats of several environmental bills relating to water treatment and increasing oil and gas royalty rates. Special Session The governor, who was disappointed at what she saw as inadequate programs on public safety legislation she supported, indicated that she may call a special session on the public safety issue. No date has been set, nor are we certain that such an event will materialize. The official filing day for the state’s 111 legislative seats was filled with a number of surprises. Senator Greg Baca, Senate minority leader from Belen, did not file for re-election, nor did House Minority Leader Ryan Lane from Aztec. There were a number of surprises in that Senator Bill Burt (R-Alamogordo) and Representative Jason Harper (R-Rio Rancho) decided not to seek re-election. Overall, there are 23 members of the 112-person Legislature that have chosen not to seek re-election including four House members that are running for a seat in the state Senate. Legislative Retirements and Races Current senators who have indicated that they will not seek re-election: • Ron Griggs (Alamogordo) • Brenda McKenna (Corrales) • Mark Moores (Albuquerque) • Steven Neville (Farmington) • Jerry Ortiz y Pino (Albuquerque) • Cliff Pirtle (Roswell) • Nancy Rodriguez (Santa Fe) • Gregg Schmedes (Bernalillo County) • Bill Tallman (Albuquerque) • Bill Burt (Alamogordo) Current House members who may not seek re-election: • Bill Rehm (Albuquerque) • Gail Chasey (Albuquerque) • Candy Ezzell (Roswell) — will run for Senate seat • James Townsend (Artesia) — will run for Senate seat • Larry Scott (Hobbs) — will run for Senate seat • Ryan Lane (Aztec) • Jason Harper (Rio Rancho) • Anthony Allison (Fruitland) Tax Package (HB 252) The Legislature enacted a tax package that will result in a net general fund loss of $227 million in FY 26, the first full year in which the tax cuts are felt. The loss would have been $300 million but for the increase in tax revenue gained by flattening the corporate income tax to 5.9%, which increases revenues by $16 million, and reducing the capital gains deduction, which increases revenue by $61 million. Some of the other tax revisions included in HB 252 include: • Reforms personal income tax brackets without any tax increases; • Adds GRT deduction for Medicaid recipients’ home renovations; 6
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