HOUSE BILL 220

52nd legislature - STATE OF NEW MEXICO - second session, 2016

INTRODUCED BY

Christine Trujillo

AN ACT

RELATING TO TAXATION; REPEALING THE CAPITAL GAINS DEDUCTION

FROM NET INCOME.

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

     SECTION 1. DELAYED REPEAL.--Section 7-2-34 NMSA 1978 (being Laws 1999, Chapter 205, Section 1, as amended) is repealed effective January 1, 2017.

     SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2017.

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