2020 Legislative Summary: Chamber’s Latest Publication Summarizes Rollercoaster from Regular Session’s Budget Highs Through Special Session’s Solvency Lows

The Chamber released today its 2020 Legislative Summary, the latest annual roundup of significant policy and budget developments coming out of both the regular session this winter and the special session that shaved hundreds of millions from the state budget in June.

Covering major legislation and budgetary changes relating to business development, taxes, public safety, education, and other priorities of the business community at the state and local level, the Legislative Summary offers the most comprehensive review of the major successes, concerns, and ongoing issues tackled by the legislature this year. The document also covers the continuation of the steep rise in the state budget — growth of roughly 20% since 2018 — during the regular session ending in February, and the substantial cuts to state spending carried out in June’s special session, and the implications on the economic downturn and ongoing pandemic for the future.

“This year’s Legislative Summary illustrates again that the business community in our state and city can count on the Chamber to provide the most comprehensive review and analysis of legislative matters during and after the session — just as they count on the Chamber’s advocacy efforts to fight for their interests during the session,” said Chamber President and CEO Terri Cole. “This Legislative Summary and the daily Legislative Roundup distributed to investors and community partners during each session represent a comprehensive effort to keep employers informed and up-to-date on the latest moves in state policy.”

As always, the Legislative Summary reviews changes to business and tax policy, including pandemic relief measures passed during the special session, the extension of the Manufacturing Investment Tax Credit, funding for economic development incentives, and the Chamber’s successful efforts to oppose major tax increases on gasoline, health insurance premiums, and capital gains deductions.

The Legislative Summary also reviews developments in the policy areas that have been part of the Chamber’s Bold Issue Groups, including:

  • Public Safety: permanent funding for the Bernalillo County’s Crime Strategies Unit, financing for crime-fighting technology in Albuquerque, and legislation cracking down on gun crimes.
  • Education Reform: the establishment of an Early Childhood Education and Care endowment fund and landmark legislation on school budget transparency.
  • Downtown Transformation: minimal state funding to match voter-approved funding for a single-site, 24/7 “Gateway Center” to address homelessness in Albuquerque

To read the digital version of the Legislative Summary, click here; physical copies will also be sent to Chamber investors over the coming weeks. To sign up to receive the Legislative Roundup during the next legislative session, please email Chris Narkun at cnarkun@greaterabq.com.

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