Bill > HB110

This bill amends New Mexico's income tax rates for individuals, effective for tax years beginning on or after January 1, 2015, by adjusting the tax brackets and percentages for different filing statuses, including married individuals filing separately, heads of household, surviving spouses, married individuals filing jointly, single individuals, and estates and trusts. Specifically, the bill lowers the tax rate for the initial income brackets across all filing statuses and introduces new, higher income brackets with corresponding tax rates, generally reducing the tax burden on lower and middle incomes while potentially increasing it on the highest earners. The bill also retains a provision for calculating the tax on lump-sum income amounts.