Gubernatorial Candidates Proposed Tax Changes in New Mexico
Candidates Gregg Hull and Deb Haaland offered competing tax plans ahead of the November 3 election.
Updated on Oct. 5, 2026 in Taxes
Live Poll
Do you prefer phasing out income tax over expanding tax credits to improve affordability in New Mexico?
Republican candidate Gregg Hull has proposed a four-year plan to phase out the personal income tax in New Mexico. Democratic candidate Deb Haaland suggested expanding existing tax credits and increasing the minimum wage as alternative economic measures.
Why it matters
These competing proposals present voters with distinct visions for state revenue and household financial relief. Because any tax phase-out would require approval from the state legislature, the long-term impact on household budgets remains subject to future legislative negotiations.
Gregg Hull proposed a four-year timeline to eliminate the state income tax, while Governor Michelle Lujan Grisham previously suggested a $250 taxpayer rebate. These figures represent the differing approaches currently under consideration for New Mexico household finances.
The players
Gregg Hull
Republican candidate for Governor of New Mexico who proposed a four-year plan to phase out state personal income taxes.
Deb Haaland
Democratic candidate for Governor of New Mexico who proposed expanding tax credits and raising the minimum wage.
Michelle Lujan Grisham
Governor of New Mexico who earlier this year suggested providing a $250 rebate to state taxpayers.
The details
Gregg Hull's plan targets a phased reduction of personal income tax over four years, specifically prioritizing tax decreases for lowest-income households while excluding business profit taxes from the elimination. Implementation of each phase depends on state financial checks to ensure the budget can support the reduction without cutting essential services. Conversely, Deb Haaland has proposed strengthening household finances by expanding the Working Families Tax Credit and the Child Tax Credit.
Timeline
Earlier this year, Governor Lujan Grisham suggested a $250 taxpayer rebate.
Tuesday marks the beginning of early voting.
November 3 is the scheduled date for Election Day.
Money Landscape
The proposed elimination of the New Mexico personal income tax code marks a major departure from the current state revenue structure. These plans represent the latest in a series of proposed legislative changes currently under debate for the state's tax policy.
These campaign proposals indicate that household tax obligations and credit eligibility may shift significantly depending on the election outcome. Residents should monitor legislative developments following the election and consider discussing potential tax planning changes with a professional.
The takeaway
Voters face two competing approaches for state tax relief as the November 3 election approaches. Households should review how proposed changes to income taxes or tax credits could affect their specific financial situation and prepare to engage with a qualified tax professional.
Further reading
For more on state tax policies, see Taxes.
Source note: This article includes information reported by KRQE 13.
Live Poll
Do you prefer phasing out income tax over expanding tax credits to improve affordability in New Mexico?
