Bill > HB76

This bill provides a deduction from the net income of an estate or trust for permanent distributions to a nonresident individual beneficiary. The deduction is available for taxable years beginning on or after January 1, 2017, and the purpose of the deduction is to help expand the trust and estate business in New Mexico. The bill outlines the specific calculations and requirements for determining the portion of federal taxable income that can be deducted, including rules for interest income, dividend income, and gains and losses from the sale or exchange of property. The New Mexico Department of Taxation is required to compile annual reports on the deduction's usage and effectiveness.

Budget and Finance, Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=76&year=17