summary
Introduced
01/30/2018
01/30/2018
In Committee
02/12/2018
02/12/2018
Crossed Over
Passed
Dead
02/15/2018
02/15/2018
Introduced Session
2018 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; CREATING NEW INCOME TAX BRACKETS; REPEALING AN OUTDATED VERSION OF SECTION 7-2-7 NMSA 1978 (BEING LAWS 2005 (1ST S.S.), CHAPTER 3, SECTION 2).
AI Summary
This bill amends the New Mexico individual income tax rates by creating new tax brackets. It increases the income thresholds for the various tax rates, with the top rate of 6.5% now applying to taxable income over $240,000 for married filing jointly and over $320,000 for single filers. The bill also repeals an outdated version of the income tax statute and sets an effective date of January 1, 2019 for the new tax brackets.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
[LD 8] Action postponed indefinitely (on 02/12/2018)
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