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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