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.
Most Read Nation & World Stories
- Embracing a new reality: Coronavirus may never go away, even with a vaccine
- Protests explode in US after cop charged with killing Floyd VIEW
- Officer accused in Floyd's death opened fire on 2 people VIEW
- George Floyd protesters set Minneapolis police station afire VIEW
- White House and CDC remove coronavirus warnings about choirs in guidance for reopening houses of worship
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.