Bill > HB117

This bill creates a phased-in supplemental individual income tax on higher levels of taxable income in New Mexico. Starting in 2018, the bill imposes a 0.3% tax on taxable income exceeding $100,000 for married filing separately and single filers, and $150,000 for heads of household, surviving spouses, and married filing jointly. The supplemental tax rate increases over time, reaching 1% on income above those thresholds by 2021. The purpose of this bill is to generate additional tax revenue from individuals with higher taxable incomes.

Labor and Employment

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=117&year=17