Bill > HB129

This bill requires all business income to be apportioned to New Mexico using the single sales factor method. Previously, businesses could use a three-factor formula that included property, payroll, and sales. This bill eliminates the property and payroll factors, leaving only the sales factor for apportioning business income to the state. It also repeals several existing sections of New Mexico's tax code related to the three-factor formula. The changes made by this bill apply to tax years beginning on or after January 1, 2022.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=129&year=22