Bill > SB85

This bill adjusts the income tax brackets for different filing statuses in New Mexico. The key changes are: 1) For heads of household, surviving spouses, and married individuals filing jointly, the income tax rates are adjusted, with the lowest bracket increasing from $8,000 to $11,000 and the higher brackets increasing accordingly. 2) For single individuals, married individuals filing separately, and estates/trusts, the income tax rates are also adjusted, with the lowest bracket increasing from $5,500 to $11,000 and the higher brackets increasing accordingly. 3) The bill specifies these changes will take effect for any taxable year beginning on or after January 1, 2023, rather than the previous effective date of January 1, 2021.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=85&year=23