Bill > HB504

This bill makes the following key changes to the Income Tax Act: - Changes the calculation of net income for individual taxpayers by modifying the standard deduction, itemized deductions, and personal exemption amounts. - Establishes new tax rate brackets and percentages for individual income tax, with a top rate of 6% for taxable income over $100,000 for single filers and married filing jointly. - Repeals and modifies multiple existing income tax credits, deductions, and exemptions, including the renewable energy production tax credit, sustainable building tax credit, and agricultural biomass corporate income tax credit. - Clarifies eligibility and administration requirements for the veteran employment tax credit and rural job tax credit. - Makes changes to the advanced energy corporate income tax credit and advanced energy combined reporting tax credit. - Prohibits claiming tax credits and deductions that are being repealed for tax years beginning on or after January 1, 2018. The effective date of the provisions in this bill is January 1, 2017.

Labor and Employment

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=504&year=17