summary
Introduced
01/17/2023
01/17/2023
In Committee
02/03/2023
02/03/2023
Crossed Over
Passed
Dead
03/18/2023
03/18/2023
Introduced Session
2023 Regular Session
Bill Summary
Index Modified Gross Income Amounts
AI Summary
This bill indexes the modified gross income (MGI) amounts in the Low-Income Comprehensive Tax Rebate program in New Mexico to account for inflation. Specifically, it requires the Department of Taxation to adjust the rebate amounts and MGI thresholds annually, starting in the 2024 tax year, based on changes in the consumer price index. The bill also updates the existing table of rebate amounts, which had not been adjusted since 2021. The provisions of this bill apply to tax years beginning on or after January 1, 2023.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
House Taxation & Revenue Committee (08:30:00 2/8/2023 Room 317) (on 02/08/2023)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=81&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/house/HB0081.pdf |
Loading...