A new tax cut package in New Mexico will add $1 billion to the state’s budget, state officials said Thursday.

State Sen. Mark Diaz (D-Laramie), a member of the House Ways and Means Committee, told reporters the plan would raise about $300 million over five years.

It also includes a $400 million tax cut for individuals and $400,000 for businesses, Diaz said.

He said the state will see $2.7 billion in new revenue, largely from sales taxes and an increase in the number of business owners.

The plan will also include $100 million in tax credits for low-income residents.

It’s a first step toward getting New Mexico to the $2 billion goal, Diaz added.

New Mexico’s governor, Susana Martinez, will also be a major participant in the new tax package, Diaz noted.

New Mexican President Kevin Grantham announced last week that he will be running for a second term in 2020.

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