summary
Introduced
01/17/2023
01/17/2023
In Committee
Crossed Over
Passed
Dead
03/18/2023
03/18/2023
Introduced Session
2023 Regular Session
Bill Summary
Increase Standard Income Tax Deduction
AI Summary
This bill proposes to increase the standard income tax deduction for taxpayers in the state of New Mexico. Specifically, it would amend the state's Income Tax Act to increase the standard deduction to 110% of the amount allowed under the federal Internal Revenue Code. This change would apply to taxable years beginning on or after January 1, 2023.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Senate Tax, Business and Transportation Committee (13:00:00 2/18/2023 Room 311) (on 02/18/2023)
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=105&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/senate/SB0105.pdf |
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