Gubernatorial Candidate Gregg Hull Proposes Four-Year Personal Income Tax Phase-Out in New Mexico

Albuquerque Santa Fe, NM, October 6, 2026 —

Albuquerque, NM – Republican gubernatorial nominee Gregg Hull unveiled a proposal during an event in Albuquerque to eliminate New Mexico’s personal income tax. The plan, if implemented, would see the tax phased out over a period of four years.

Hull announced his intention to pursue this policy initiative should he win the upcoming gubernatorial election. The proposal outlines a gradual reduction of the personal income tax, with the complete elimination targeted by the end of a four-year term.

Details regarding the specific mechanisms of the phase-out, such as the proposed annual reduction percentages or how the state budget would be rebalanced to compensate for lost revenue, were not immediately provided in the announcement. The projected impact on state services, economic growth, or individual taxpayers also remains a subject for further elaboration.

The current New Mexico personal income tax system includes multiple tax brackets, with rates varying based on income levels. The proposal by Hull suggests a significant shift in the state’s fiscal structure.

The candidate’s campaign has not yet released a comprehensive fiscal analysis or detailed plan outlining how the state would offset the loss of revenue generated by the personal income tax. Discussions surrounding potential alternative revenue sources or spending cuts are anticipated as the campaign progresses.

New Mexico’s personal income tax is a substantial component of the state’s general fund revenue. Any significant alteration to this tax structure would likely prompt considerable debate regarding its economic implications and feasibility.

Further details on Gregg Hull’s tax plan are expected to be released by his campaign in the coming weeks.

Story summarized from the original created by Mike Gaba on www.newsradiokkob.com, see more information here.

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