Bill > SB252

This bill delays scheduled reductions in corporate income tax rates and modifies how certain businesses, specifically manufacturers and headquarters operations, can apportion their business income to New Mexico. The bill amends existing law to push back the implementation dates for lower tax rates, meaning corporations will continue to pay higher rates for longer than originally planned. For manufacturers and headquarters operations, the bill adjusts the formulas used to determine what portion of their business income is taxed in New Mexico, with the changes also being phased in over several years. These changes are intended to take effect immediately for the public peace, health, and safety.