summary
Introduced
01/18/2022
01/18/2022
In Committee
01/19/2022
01/19/2022
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; INCREASING THE RATE OF THE CIGARETTE TAX; INCREASING THE RATE OF TAX ON TOBACCO PRODUCTS; INCLUDING NICOTINE, REGARDLESS OF SOURCE, IN THE DEFINITION OF "TOBACCO PRODUCT" IN THE TOBACCO PRODUCTS TAX ACT; EXEMPTING SOCIAL SECURITY INCOME FROM INCOME TAX FOR CERTAIN INDIVIDUALS.
AI Summary
This bill proposes several changes to taxation in New Mexico. It increases the cigarette tax rate from $0.10 to $0.15 per cigarette and makes adjustments to the distribution of cigarette tax revenues. It also increases the tax rate on tobacco products from 25% to 60% of the product value, and raises the tax on closed system cartridges from $0.50 to $2.40 per cartridge. Additionally, the bill exempts Social Security income from state income tax for individuals with adjusted gross incomes below certain thresholds, up to the amount included in their federal adjusted gross income.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Succeeding entries: S 5 (on 02/11/2022)
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/Legislation/Legislation?chamber=S&legtype=B&legno=49&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0049.pdf |
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