summary
Introduced
01/21/2017
01/21/2017
In Committee
01/21/2017
01/21/2017
Crossed Over
Passed
Dead
03/18/2017
03/18/2017
Introduced Session
2017 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; LIMITING THE CAPITAL GAINS DEDUCTION FROM NET INCOME.
AI Summary
This bill limits the capital gains deduction from net income in the state of New Mexico. Specifically, it removes the option for taxpayers to deduct a percentage of their net capital gain income and instead caps the deduction at a maximum of $1,000. The bill also clarifies that the deduction applies to married individuals filing separately, and that taxpayers cannot claim both the capital gains deduction and a separate credit provided in the tax code. The provisions of the bill apply to taxable years beginning on or after January 1, 2018.
Committee Categories
Budget and Finance
Sponsors (14)
Deborah Armstrong (D)*,
George Dodge (D)*,
Daymon Ely (D),
Doreen Gallegos (D),
Wonda Johnson (D),
Georgene Louis (D),
Moe Maestas (D),
Bill McCamley (D),
Pat Roybal Caballero (D),
Angelica Rubio (D),
Nick Salazar (D),
Tomás Salazar (D),
Liz Thomson (D),
Christine Trujillo (D),
Last Action
[LD 5] Referred to House Taxation & Revenue (on 01/21/2017)
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=365&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/house/HB0365.pdf |
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