summary
Introduced
01/27/2022
01/27/2022
In Committee
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; ENACTING THE REAL ESTATE TRANSFER TAX ACT; EXEMPTING SOCIAL SECURITY INCOME FROM INCOME TAX FOR CERTAIN INDIVIDUALS.
AI Summary
This bill proposes the "Real Estate Transfer Tax Act" which imposes a tax on the transfer of residential property. The tax rate is 0.5% for properties sold between $500,000 and $750,000, and 1.25% for properties sold for $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 provisions take effect on July 1, 2022, while the social security income exemption applies to taxable years beginning on or after January 1, 2022.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
House Consumer & Public Affairs Committee (00:00 2/3/2022 Room 317) (on 02/03/2022)
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=H&legtype=B&legno=158&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0158.pdf |
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