HOUSE BILL 182

51st legislature - STATE OF NEW MEXICO - first session, 2013

INTRODUCED BY

James R.J. Strickler

AN ACT

RELATING TO TAXATION; DECREASING CERTAIN CORPORATE INCOME TAX RATES.

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

     SECTION 1. Section 7-2A-5 NMSA 1978 (being Laws 1981, Chapter 37, Section 38, as amended) is amended to read:

     "7-2A-5. CORPORATE INCOME TAX RATES.--The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be at the rates specified in the following table:

    If the net income is:                The tax shall be:

Not over $500,000                        4.8% of net income

Over $500,000 [but not 

    over $1,000,000]                     $24,000 plus

[6.4%] 4.9% of excess

                                         over $500,000

[Over $1,000,000                         $56,000

                                         plus 7.6% of excess

                                         over $1,000,000]."

    SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2014.

    SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is January 1, 2014.

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