Bill > HB322

This bill sets a flat corporate income tax rate of 5.9% of taxable income in New Mexico, repealing the existing tiered tax structure. It also amends the state's corporate income tax apportionment rules, removing the option for certain businesses to use only the sales factor for apportionment. Additionally, the bill grants the state tax department more flexibility in how it can allocate and apportion a taxpayer's income if the standard methods do not fairly represent the taxpayer's business activity in the state. The provisions of this bill apply to tax years beginning on or after January 1, 2024.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=322&year=23