Bill > HB16

This bill imposes a new one percent surtax, which is an additional tax, on the net income of corporations operating in New Mexico if their chief executive officer or a similar top executive is paid a salary that is at least 100 times greater than the average salary of their other employees who are not in upper management. This surtax will apply to taxable years starting on or after January 1, 2015, and is being added to the existing Corporate Income and Franchise Tax Act.