Bill > HB19

This bill enacts the Real Estate Transfer Tax Act, which imposes an excise tax on the transfer of real property interests. The tax rate is 0.75% of the consideration for properties valued between $500,000 and $750,000, and 1.25% for properties valued at $750,000 or more. The bill also exempts Social Security income from state income tax for certain individuals with adjusted gross incomes below specified thresholds. The Real Estate Transfer Tax Act provisions take effect on July 1, 2021, while the Social Security income tax exemption applies to taxable years beginning on or after January 1, 2021.

Military Affairs and Security

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=19&year=21