summary
Introduced
01/27/2017
01/27/2017
In Committee
01/27/2017
01/27/2017
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; FORGIVING PENALTIES AND INTEREST FOR UNDERESTIMATING INCOME TAX LIABILITY.
AI Summary
This bill limits the capital gains deduction from net income to a maximum of $1,000, removing the previous option to deduct a percentage of net capital gain income. The bill also includes a temporary provision that forgives penalties and interest for taxpayers who underpaid their 2017 income tax due to the changes made to the capital gains deduction. These provisions apply to taxable years beginning on or after January 1, 2017.
Committee Categories
Transportation and Infrastructure
Sponsors (1)
Last Action
[LD 11] Referred to Senate Corporations & Transportation (on 01/27/2017)
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=408&year=17 |
| BillText | http://www.nmlegis.gov/Sessions/17%20Regular/bills/senate/SB0408.pdf |
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