summary
Introduced
01/25/2017
01/25/2017
In Committee
02/07/2017
02/07/2017
Crossed Over
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; INCREASING THE TAX IMPOSED BY THE INCOME TAX ACT FOR CERTAIN INCOME LEVELS; LIMITING THE CAPITAL GAINS DEDUCTION; DISTRIBUTING A PORTION OF THE TAX IMPOSED BY THE INCOME TAX ACT TO PRE-KINDERGARTEN PROGRAMS; REPEALING AN OUTDATED VERSION OF SECTION 7-2-7 NMSA 1978 (BEING LAWS 2005 (1ST S.S.), CHAPTER 3, SECTION 2); MAKING AN APPROPRIATION.
AI Summary
This bill proposes several changes to the income tax in New Mexico. It increases the tax rates for certain higher income levels, limits the capital gains deduction, and dedicates a portion of the income tax revenue to pre-kindergarten programs through the Public Pre-Kindergarten Fund and the Children, Youth and Families Pre-Kindergarten Fund. The bill also repeals an outdated version of the income tax rate section and specifies the changes will apply to taxable years beginning on or after January 1, 2018.
Committee Categories
Budget and Finance, Education, Transportation and Infrastructure
Sponsors (6)
Jacob Candelaria (D)*,
Cisco McSorley (D)*,
Bill O'Neill (D),
Jerry Ortiz y Pino (D),
Bill Soules (D),
Bill Tallman (D),
Last Action
[LD 22] Referred to Senate Finance (on 02/07/2017)
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=S&legtype=B&legno=344&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/senate/SB0344.pdf |
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