Bill > SB5

This bill delays certain tax changes by amending existing New Mexico statutes related to corporate income tax rates and the apportionment of business income. Specifically, it pushes back the effective dates for several tax rate adjustments and apportionment formulas for corporations, including those involved in manufacturing and headquarters operations. For instance, a tax rate that was scheduled to change in 2016 is now delayed until 2018, and other changes are similarly postponed by two years. The bill also includes a temporary provision to forgive penalties and interest for taxpayers who underpaid their corporate income tax for the 2016 tax year solely due to these delayed changes. The term "NMSA 1978" refers to the New Mexico Statutes Annotated, 1978 compilation, which is the official codification of New Mexico's laws. The "Tax Administration Act" is the body of law governing tax administration in New Mexico, including penalties and interest.