0001| HOUSE BILL 819 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| ANNA MARIE CROOK | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO TAXATION; AMENDING THE INCOME TAX ACT TO REDUCE | 0012| RATES. | 0013| | 0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0015| Section 1. Section 7-2-7 NMSA 1978 (being Laws 1994, | 0016| Chapter 5, Section 20) is amended to read: | 0017| "7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by | 0018| Section 7-2-3 NMSA 1978 shall be at the following rates for any | 0019| taxable year beginning on or after January 1, [1996] 1997: | 0020| A. For married individuals filing separate returns: | 0021| If the taxable income is: The tax shall be: | 0022| Not over $4,000 1.7% of taxable income | 0023| Over $4,000 but not over $8,000 $68.00 plus 3.2% of | 0024| excess over $4,000 | 0025| Over $8,000 but not over $[12,000] $196 plus 4.7% of | 0001| $14,000 excess over $8,000 | 0002| Over [$ 12,000] $14,000 but not [$384] $478 plus 6.0% | 0003| of | 0004| over $20,000 excess over [$12,000] | 0005| $14,000 | 0006| Over $20,000 but not over $32,000 [$864] $838 plus 7.1% | 0007| of excess over $20,000 | 0008| Over $32,000 but not over $50,000 [$1,716] $1,690 plus | 0009| 7.9% of excess over $32,000 | 0010| Over $50,000 [$3,138] $3,112 plus | 0011| [8.5%] 8.3% of | 0012| excess over $50,000. | 0013| B. For surviving spouses and married individuals | 0014| filing joint returns: | 0015| If the taxable income is: The tax shall be: | 0016| Not over $8,000 1.7% of taxable income | 0017| Over $8,000 but not over $16,000 $136 plus 3.2% of | 0018| excess over $8,000 | 0019| Over $16,000 but not over [$24,000] $392 plus 4.7% of | 0020| $28,000 excess over $16,000 | 0021| Over [$24,000] $28,000 but not [$768] $956 plus 6.0% | 0022| of | 0023| over $40,000 excess over [$24,000] | 0024| $28,000 | 0025| Over $40,000 but not over $64,000 [$1,728] $1,676 plus | 0001| 7.1% of excess over $40,000 | 0002| Over $64,000 but not over $100,000 [$3,432] $3,380 plus | 0003| 7.9% of excess over $64,000 | 0004| Over $100,000 [$6,276] $6,224 plus | 0005| [8.5%] 8.3% of excess | 0006| over $100,000. | 0007| C. For single individuals and for estates and | 0008| trusts: | 0009| If the taxable income is: The tax shall be: | 0010| Not over [$5,500] $6,000 1.7% of taxable income | 0011| Over [$5,500] $6,000 but not [$93.50] $102 plus | 0012| 3.2% over [$11,000] $12,000 of excess over [$5,500] | 0013| $6,000 | 0014| Over [$11,000] $12,000 but not [$269.50] $294 plus | 0015| 4.7% | 0016| over [$16,000] $18,000 of excess over | 0017| [$11,000] | 0018| $12,000 | 0019| Over [$16,000] $18,000 but not [$504.50] $576 plus | 0020| 6.0% | 0021| over $26,000 of excess over | 0022| [$16,000] | 0023| $18,000 | 0024| Over $26,000 but not over $42,000 [$1,104.50] $1,056 | 0025| plus 7.1% of excess over | 0001| $26,000 | 0002| Over $42,000 but not over $65,000 [$2,240.50] $2,192 | 0003| plus 7.9% of excess over | 0004| $42,000 | 0005| Over $65,000 [$4,057.50] $4,009 | 0006| plus [8.5%] 8.3% of excess | 0007| over $65,000. | 0008| D. For heads of household filing returns: | 0009| If the taxable income is: The tax shall be: | 0010| Not over $7,000 1.7% of taxable income | 0011| Over $7,000 but not over $14,000 $119 plus 3.2% of | 0012| excess over $7,000 | 0013| Over $14,000 but not over [$20,000] $343 plus 4.7% of | 0014| $24,000 excess over $14,000 | 0015| Over [$20,000] $24,000 but not over | 0016| [$625] $813 plus 6.0% of | 0017| [$33,000] $34,000 excess over [$20,000] | 0018| $24,000 | 0019| Over [$33,000] $34,000 but not [$1,405] $1,413 plus | 0020| 7.1% | 0021| over [$53,000] $54,000 of excess over | 0022| [$33,000] | 0023| $34,000 | 0024| Over [$53,000] $54,000 but not [$2,825] $2,833 plus | 0025| 7.9% over $83,000 of excess over | 0001| [$53,000] | 0002| $54,000 | 0003| Over $83,000 [$5,195] $5,124 plus | 0004| [8.5%] 8.3% of excess | 0005| over $83,000. | 0006| E. The tax on the sum of any lump-sum amounts | 0007| included in net income is an amount equal to five multiplied by | 0008| the difference between: | 0009| (1) the amount of tax due on the taxpayer's | 0010| taxable income; and | 0011| (2) the amount of tax that would be due on an | 0012| amount equal to the taxpayer's taxable income and twenty | 0013| percent of the taxpayer's lump-sum amounts included in net | 0014| income." | 0015| Section 2. APPLICABILITY.--The provisions of this act | 0016| apply to taxable years beginning on or after January 1, 1997. | 0017|  |