SENATE BILL 893

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

John Arthur Smith

AN ACT

RELATING TO TAXATION; PROVIDING FOR A TAX REBATE FOR A PORTION OF NEW MEXICO INCOME TAXES PAID IN THE 2005 TAXABLE YEAR.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] INCOME TAX REBATE--2005 TAXABLE YEAR.--Any taxpayer who files an individual New Mexico income tax return and who is not a dependent of another individual may claim a tax rebate during the 2005 taxable year in an amount not to exceed twenty-three dollars twenty-five cents ($23.25) of the New Mexico income tax paid by the taxpayer during the 2005 taxable year. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the tax rebate that would have been allowed on a joint return."

      Section 2. APPLICABILITY.--The provisions of this act apply to the taxable year beginning on January 1, 2005 and ending on December 31, 2005.

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