FIFTY-SIXTH LEGISLATURE

FIRST SESSION

March 9, 2023

 

HOUSE FLOOR AMENDMENT number ___1__ to HOUSE TAXATION AND REVENUE COMMITTEE SUBSTITUTE FOR HOUSE BILL 547

Amendment sponsored by Representative Derrick J. Lente

    1. On pages 15 through 19, strike Section 7 in its entirety and insert in lieu thereof the following new section:

    "SECTION 7. Section 7-2-7 NMSA 1978 (being Laws 2005, Chapter 104, Section 4, as amended) is amended to read:

     "7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by Section 7-2-3 NMSA 1978 shall be at the following rates for any taxable year beginning on or after January 1, [2021] 2024:

          [A. For married individuals filing separate returns:

     If the taxable income is:       The tax shall be:

Not over $4,000                       1.7% of taxable income

Over $4,000 but not over $8,000       $68.00 plus 3.2% of

                                      excess over $4,000

Over $8,000 but not over $12,000      $196 plus 4.7% of

                                      excess over $8,000

Over $12,000 but not over $157,500    $384 plus 4.9% of

                                      excess over $12,000

Over $157,500                         $7,513.50 plus 5.9% of

                                      excess over $157,500.

          B. For heads of household, surviving spouses and married individuals filing joint returns:

     If the taxable income is:       The tax shall be:

Not over $8,000                       1.7% of taxable income

Over $8,000 but not over $16,000      $136 plus 3.2% of excess

                                      over $8,000

Over $16,000 but not over $24,000     $392 plus 4.7% of excess                                         over $16,000

Over $24,000 but not over $315,000    $768 plus 4.9% of

                                      excess over $24,000

Over $315,000                         $15,027 plus 5.9% of

                                      excess over $315,000.

          C. For single individuals and for estates and trusts:

     If the taxable income is:       The tax shall be:

Not over $5,500                       1.7% of taxable income

Over $5,500 but not over $11,000      $93.50 plus 3.2% of                                              excess over $5,500

Over $11,000 but not over $16,000     $269.50 plus 4.7% of                                             excess over $11,000

Over $16,000 but not over $210,000    $504.50 plus 4.9% of                                             excess over $16,000

Over $210,000                         $10,010.50 plus 5.9% of

                                      excess over $210,000.]

          A. For married individuals filing joint returns, heads of household and surviving spouses:

     For taxable income:             The tax shall be:

Not over $8,000                       1.5% of taxable income

Over $8,000 but not over $25,000      $120 plus 3.2% of excess                                         over $8,000

Over $25,000 but not over $50,000     $664 plus 4.3% of excess                                         over $25,000

Over $50,000 but not over $100,000    $1,739 plus 4.7% of                                              excess over $50,000

Over $100,000 but not over $315,000   $4,089 plus 4.9% of                                              excess over $100,000

Over $315,000                         $14,624 plus 5.9% of                                             excess over $315,000.

          B. For single individuals and for estates and trusts:

     For taxable income:             The tax shall be:

Not over $5,500                       1.5% of taxable income

Over $5,500 but not over $16,500      $82.50 plus 3.2% of                                              excess over $5,500

Over $16,500 but not over $33,500     $434.50 plus 4.3% of

                                      excess over $16,500

Over $33,500 but not over $66,500     $1,165.50 plus 4.7% of                                           excess over $33,500

Over $66,500 but not over $210,000    $2,716.50 plus 4.9% of                                           excess over $66,500

Over $210,000                         $9,748 plus 5.9% of                                              excess over $210,000.

          C. For married individuals filing separate returns:

     For taxable income:             The tax shall be:

Not over $4,000                       1.5% of taxable income

Over $4,000 but not over $12,500      $60.00 plus 3.2% of                                              excess over $4,000

Over $12,500 but not over $25,000     $332 plus 4.3% of excess                                         over $12,500

Over $25,000 but not over $50,000     $869.50 plus 4.7% of

                                      excess over $25,000

Over $50,000 but not over $157,500    $2,044.50 plus 4.9% of                                           excess over $50,000

Over $157,500                         $7,312 plus 5.9% of                                              excess over $157,500.

          D. The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between:

                (1) the amount of tax due on the taxpayer's taxable income; and

                (2) the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income."".

     2. On page 34, line 19, strike "six hundred dollars ($600)" and insert in lieu thereof "one thousand dollars ($1,000)" and on line 22, strike "three hundred dollars ($300)" and insert in lieu thereof "five hundred dollars ($500)".

     3. On page 54, line 8, strike "2025" and insert in lieu thereof "2024".

                                    _______________________________

 

Adopted ___________________ Not Adopted ________________________

          (Chief Clerk)                (Chief Clerk)

                  Date _________________