Bill > SB123

Introduced Session

AN ACT RELATING TO TAXATION; SHORTENING THE AMOUNT OF TIME TO CLAIM A TAX CREDIT OR A REFUND OF OVERPAID TAX TO LESS THAN ONE YEAR; REDUCING THE RATE OF THE GROSS RECEIPTS TAX, COMPENSATING TAX, GOVERNMENTAL GROSS RECEIPTS TAX, MUNICIPAL GROSS RECEIPTS TAX AND COUNTY GROSS RECEIPTS TAX; REQUIRING THE TAXATION AND REVENUE DEPARTMENT TO ADJUST THE GROSS RECEIPTS TAX RATE DEPENDING ON THE REVENUE COLLECTED FROM THAT TAX; PROVIDING FOR A FLAT INCOME TAX RATE OF TWO AND ONE-HALF PERCENT ON TAXABLE INCOME ABOVE CERTAIN LEVELS; REMOVING PERMISSION OF A TAX INCREMENT DEVELOPMENT DISTRICT TO ISSUE BONDS AGAINST AN INCREMENT OF THE GROSS RECEIPTS TAX; REPEALING CERTAIN CREDITS, DEDUCTIONS AND EXEMPTIONS PURSUANT TO THE INCOME TAX ACT AND THE GROSS RECEIPTS AND COMPENSATING TAX ACT; PROVIDING THAT A PERSON WITHOUT PHYSICAL PRESENCE IN THE STATE THAT HAS LESS THAN ONE HUNDRED THOUSAND DOLLARS ($100,000) IN GROSS RECEIPTS IS NOT ENGAGING IN BUSINESS PURSUANT TO THE GROSS RECEIPTS AND COMPENSATING TAX ACT; REPEALING THE CORPORATE INCOME AND FRANCHISE TAX ACT, THE ESTATE TAX ACT, THE MOTOR VEHICLE EXCISE TAX ACT, THE LEASED VEHICLE GROSS RECEIPTS TAX ACT, THE TAX ON BOATS, CERTAIN LOCAL OPTION GROSS RECEIPTS TAXES, THE SUPPLEMENTAL MUNICIPAL GROSS RECEIPTS TAX ACT, THE LOCAL HOSPITAL GROSS RECEIPTS TAX ACT, THE COUNTY CORRECTIONAL FACILITY GROSS RECEIPTS TAX ACT AND THE SPECIAL COUNTY HOSPITAL GASOLINE TAX ACT; REPLACING COUNTY OBLIGATIONS TO THE COUNTY-SUPPORTED MEDICAID FUND AND SAFETY NET CARE POOL FUND WITH STATE OBLIGATIONS; PROVIDING TEMPORARY AMNESTY FROM PENALTIES AND INTEREST ON TAXES NOT PAID; PROVIDING THAT THE REPEAL OF CERTAIN TAXES SHALL NOT IMPAIR OUTSTANDING BONDS OR LOAN GUARANTEES; AMENDING, REPEALING AND ENACTING SECTIONS OF THE NMSA 1978.

AI Summary

Committee Categories

Bill Sharer (R)*, 

[LD 17] Referred to Senate Finance (on 02/02/2017)

Official Document