Bill > HB119

This bill proposes changes to the individual income tax rates in New Mexico. It would increase the income thresholds for the various tax brackets and adjust the corresponding tax rates, effective January 1, 2024. For example, the top tax rate of 6.9% would now apply to taxable income over $500,000 for married couples filing jointly, up from the current threshold of $315,000. The bill also modifies the tax calculation for lump-sum income. Overall, the changes are intended to update the state's income tax structure.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=119&year=23