summary
Introduced
01/19/2021
01/19/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; AMENDING THE PERSONAL INCOME TAX BRACKETS; REPEALING AN OUTDATED SECTION OF THE NMSA 1978.
AI Summary
This bill amends the personal income tax brackets in New Mexico. It repeals the existing Section 7-2-7 NMSA 1978 and enacts a new section with updated tax rates. The new tax rates are provided for married individuals filing separately, heads of household, surviving spouses, married individuals filing jointly, single individuals, and estates and trusts. The bill also includes a provision for the tax on lump-sum amounts included in net income. The changes made by this bill will be effective starting January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Tax, Business and Transportation Committee (00:00 3/2/2021 Room zoom) (on 03/02/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=89&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0089.pdf |
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