Bill > HB239

This bill, effective for taxable years beginning on or after January 1, 2016, repeals a specific section of New Mexico law (Section 7-2-34 NMSA 1978) that deals with capital gains from net income. In simpler terms, it removes the provision that previously allowed for the taxation of capital gains as part of an individual's or business's net income. This means that after the effective date, profits from selling assets like stocks or real estate will no longer be taxed in the same way they were under the repealed law.