Bill > HB37

This bill aims to limit the capital gains deduction under the New Mexico Income Tax Act. It increases the maximum deduction from $1,000 to $2,500 for a taxpayer's net capital gain income, and allows for a deduction of up to 40% of up to $1 million in net capital gains from the sale of a business allocated or apportioned to New Mexico. The bill applies to taxable years beginning on or after January 1, 2025.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=37&year=24