SENATE BILL 119

56th legislature - STATE OF NEW MEXICO - second session, 2024

INTRODUCED BY

Peter Wirth

 

 

 

 

 

AN ACT

RELATING TO TAXATION; CREATING A FLAT CORPORATE INCOME TAX 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]

five and nine-tenths percent of taxable income."

     SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning January 1, 2025.

     SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is January 1, 2025.

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