Bill > HB310

This bill proposes several changes to New Mexico's tax laws. It creates a new top income tax bracket of 5.9% for individuals with taxable income over $150,000 (or $100,000 for single filers). It limits the capital gains deduction to $1,000, down from 50% of net capital gains. The bill also increases the motor vehicle excise tax from 3% to 5%. The changes to individual income tax rates and capital gains deductions would apply to tax years starting on or after January 1, 2018, while the higher motor vehicle excise tax would take effect on July 1, 2017.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=310&year=17