Bill > SB90

This bill delays the scheduled reduction of corporate income tax rates in New Mexico by one year. Specifically, it amends Section 7-2A-5 of the New Mexico Statutes Annotated (NMSA) 1978, which outlines the corporate income tax rates based on a corporation's net income. The changes involve pushing back the effective dates for several tax rate tiers. For instance, the tax rate that was set to decrease for taxable years beginning on or after January 1, 2015, and prior to January 1, 2016, will now remain in effect until taxable years beginning on or after January 1, 2017. Similarly, subsequent rate reductions scheduled for 2016, 2017, and 2018 are each postponed by one year, with the final scheduled reduction for taxable years beginning on or after January 1, 2018, now taking effect for taxable years beginning on or after January 1, 2019. This means that the current tax rates will continue for an additional year before the lower rates are implemented.