SENATE BILL 189
56th legislature - STATE OF NEW MEXICO - first session, 2023
Peter Wirth and Christine Chandler
RELATING TO TAXATION; CREATING A FLAT CORPORATE INCOME TAX RATE; INCREASING THE RATE.
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] RATE.--The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be
[If the taxable income is: The tax shall be:
Not over $500,000 4.8% of taxable income
Over $500,000 $24,000 plus 5.9% of excess over $500,000]
six and nine-tenths percent of taxable income."
SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2024.
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