summary
Introduced
01/26/2015
01/26/2015
In Committee
Crossed Over
Passed
Dead
03/21/2015
03/21/2015
Introduced Session
2015 Regular Session
Bill Summary
Reduce corporate income tax rate
AI Summary
This bill amends Section 7-2A-5 of the New Mexico Statutes Annotated (NMSA) 1978, which outlines the corporate income tax rates. Specifically, for taxable years beginning on or after January 1, 2018, the bill reduces the tax rate on corporate net income exceeding $500,000 from 5.9% to 4.9% of the excess amount, while the rate for net income not exceeding $500,000 remains at 4.8%. This change aims to lower the overall corporate income tax burden for businesses in New Mexico.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
[LD 5] Action postponed indefinitely (on 01/26/2015)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=279&year=15 |
| BillText | http://www.nmlegis.gov/Sessions/15%20Regular/bills/house/HB0279.pdf |
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