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; ADDING A NEW PERSONAL INCOME TAX BRACKET.
AI Summary
This bill amends the New Mexico Personal Income Tax Act to add a new tax bracket for higher-income taxpayers. The new bracket applies a tax rate of 8.2% on taxable income over $375,000 for married individuals filing jointly and over $250,000 for single filers. The existing top tax rate of 5.9% applies to income below those new thresholds. This change is set to take effect for tax years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Tax, Business and Transportation Committee (00:00 2/4/2021 Room) (on 02/04/2021)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=56&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0056.pdf |
Loading...