Sen. Pirtle Advances Legislation Allowing Foreign Nation-Owned Properties to be Taxed at Higher Rate
Senator Cliff Pirtle Advances Legislation Allowing Foreign Nation-Owned Properties to be Taxed at Higher Rate
SANTA FE – Senator Cliff Pirtle (R-Roswell) today advanced Senate Joint Resolution 8 from of the Senate Rules Committee on an 7-0 vote. The Joint Resolution amends the New Mexico Constitution to allow for agricultural properties owned in part or in whole by foreign entities to be taxed at a higher rate.
Currently, New Mexico is one of only four states that does not tax foreign-owned property differently. Some states, including Oregon, completely outlaw foreign property ownership.
Senator Pirtle released the following statement regarding the passage of his resolution:
“As a farmer, it really concerns me that foreign superpowers could potentially gain leverage over our ability to grow food for our people. Being one of the last states to not tax foreign nations differently has painted a target on our land for those who seek to weaken our country. I am glad to see the first step being taken to resolve this.”