ALBUQUERQUE, N.M. (AP) — The Albuquerque City Council voted to raise the city’s gross receipts tax rate by three-eighths of a percentage point to address a $40 million deficit in the city’s budget and the public safety crisis.
The three-eighths of a cent gross receipts tax hike, which the Council approved Monday, is estimated to generate more than $50 million.
Republican Councilor Trudy Jones says $30 million-$40 million in the first nine months would be a good figure.
Jones and Council President Ken Sanchez, a Democrat, sponsored the legislation.
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If signed by Mayor Tim Keller, the increase will likely go into effect July 1.
While councilors passed the tax hike, they decided to take more time on a plan for getting the Albuquerque Police Department fully staffed and funded.
The council plans to take it up again April 2.