summary
Introduced
01/18/2017
01/18/2017
In Committee
01/26/2017
01/26/2017
Crossed Over
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; CREATING A NEW TOP INCOME TAX BRACKET; REPEALING AN OUTDATED VERSION OF SECTION 7-2-7 NMSA 1978 (BEING LAWS 2005 (1ST S.S.), CHAPTER 3, SECTION 2).
AI Summary
This bill creates a new top income tax bracket for New Mexico. It amends the existing income tax rates to include a new 5.9% tax rate for individuals with taxable income over $230,000 for married filing separately, $460,000 for head of household and married filing jointly, and $306,667 for single filers and estates/trusts. The bill also repeals an outdated version of the income tax rate section that was previously in effect.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
[LD 12] Tabled temporarily by motion and then to H (on 01/28/2017)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=201&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/house/HB0201.pdf |
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