The Nuevo León Congress approved the Income Law for an amount of 118,194.2 million pesos

Monterrey, NL. The plenary session of the Nuevo León Congress unanimously endorsed the Income Law for fiscal year 2022, for an amount of 118,194.2 million pesos, which contemplates long-term financing for 4,240 million pesos, for productive investment projects, in accordance with the financial ceiling established by the Financial Discipline Law of the Federal Entities and Municipalities of 5% on Free Disposal Income (ILD).

This long-term debt will be allocated to productive investment projects, such as the Interserrana highway, the La Gloria-Colombia highway, Line 4 and 5 of the metro and Trust for the Comprehensive Metropolitan Transit System (Sintram),

In addition, the restructuring and / or refinancing of the public debt for 50.591 million pesos will be analyzed, seeking to improve financial conditions such as term, rate and impact of payment sources.

The Revenue Law also mentions the restructuring or refinancing of credits with a guarantee of the Zero Coupon Bond for 7,426 million pesos, “if it is not possible to release the zero coupon bond through the refinancing of said credits, a credit would be requested for 3,337 million pesos, of which will be used for productive public investment ”.

New taxes

The Income Law includes ecological taxes for environmental pollution, in the extraction of stone materials, as well as for the emission of pollutants into the atmosphere, soil, subsoil, and water to mitigate damage to the health of the population, and are granted administrative facilities for those who contribute to the remediation of the environment.

The law explains that the resources obtained will be used for environmental programs of the Ministry of the Environment, such as reforestation, electric public transport, and generate incentives for companies that invest in green processes.

The deputies approved increasing the current rate of the Casino Tax from 10 to 15%, in order to strengthen the collection to be used for public spending by the state. It is worth mentioning that the Casineros warned that this tax will have to be paid by the clients who attend these establishments.

On the other hand, the Mexican Association of Hotels of Nuevo León, will insist this Tuesday, December 14, to request the state governor to allocate 100% of the Lodging Tax so that the Monterrey Convention and Visitors Bureau can promote the Monterrey destination to attract large Congresses, Conventions, Fairs and Exhibitions.

Dependents of the Federation

The PAN deputy, Mirna Grimaldo Iracheta, commented in plenary session that the most important state revenues are 11,104.3 million pesos that it collects from the Payroll Tax and 253.1 million pesos from the property transfer tax, however, The “87,000 million pesos (for federal participations and contributions) are not our own income because they depend on what comes from federal resources, we cannot set off the bells,” he stressed.

On the other hand, he said that a refinancing of the public debt is being approved, for around 58,000 million pesos, that is, 55% of the state budget, a sum that has accumulated in commercial debt since 2011.

Therefore, he considered that “talking about a zero deficit (or zero-based budget) is when it has its own income and that here in Nuevo León does not exist”, although the good things should be highlighted, especially that it is a balanced budget, where less is spent on personal services, consumption such as cell phones or personal expenses and a high investment in public works is approved.

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