0001| HOUSE BILL 15
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003| INTRODUCED BY
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0004| LUCIANO "LUCKY" VARELA
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO TAXATION; EXPANDING AND INCREASING THE LOW-INCOME
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0012| COMPREHENSIVE TAX REBATE.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. Section 7-2-14 NMSA 1978 (being Laws 1972,
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0016| Chapter 20, Section 2, as amended) is amended to read:
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0017| "7-2-14. LOW-INCOME COMPREHENSIVE TAX REBATE.--
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0018| A. Except as otherwise provided in Subsection B of
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0019| this section, any resident who files an individual New Mexico
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0020| income tax return and who is not a dependent of another
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0021| individual may claim a tax rebate for a portion of state and
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0022| local taxes to which the resident has been subject during the
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0023| taxable year for which the return is filed. The tax rebate
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0024| may be claimed even though the resident has no income taxable
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0025| under the Income Tax Act. A husband and wife who file
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- 1 -
0001| separate returns for a taxable year in which they could have
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0002| filed a joint return may each claim only one-half of the tax
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0003| rebate that would have been allowed on a joint return.
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0004| B. No claim for the tax rebate provided in this
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0005| section shall be filed by a resident who was an inmate of a
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0006| public institution for more than six months during the taxable
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0007| year for which the tax rebate could be claimed or who was not
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0008| physically present in New Mexico for at least six months
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0009| during the taxable year for which the tax rebate could be
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0010| claimed.
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0011| C. For the purposes of this section, the total
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0012| number of exemptions for which a tax rebate may be claimed or
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0013| allowed is determined by adding the number of federal
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0014| exemptions allowable for federal income tax purposes for each
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0015| individual included in the return who is domiciled in New
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0016| Mexico plus two additional exemptions for each individual
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0017| domiciled in New Mexico included in the return who is
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0018| sixty-five years of age or older plus one additional exemption
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0019| for each individual domiciled in New Mexico included in the
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0020| return who, for federal income tax purposes, is blind plus one
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0021| exemption for each minor child or stepchild of the resident
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0022| who would be a dependent for federal income tax purposes if
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0023| the public assistance contributing to the support of the child
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0024| or stepchild was considered to have been contributed by the
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0025| resident.
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- 2 -
0001| D. The tax rebate provided for in this section may
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0002| be claimed in the amount shown in the following table:
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0003| Modified Gross And the total number
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0004| Income is: of exemptions is:
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0005| But Not 6 or
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0006| Over Over 1 2 3 4 5 More
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0007| [$ 0 $ 500 $120 $150 $175 $200 $225 $320
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500 1,000 135 185 225 265 300 415
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1,000 1,500 135 190 235 290 325 435
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1,500 2,000 135 190 235 290 325 450
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2,000 2,500 135 190 240 290 325 450
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2,500 3,000 135 190 240 290 325 450
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3,000 3,500 135 190 240 290 325 450
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3,500 4,000 135 190 240 300 335 450
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4,000 4,500 135 190 240 300 355 450
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4,500 5,000 115 150 205 300 355 450
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5,000 5,500 95 130 165 260 355 430
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5,500 6,000 75 110 145 220 315 410
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6,000 6,500 55 90 125 180 275 370
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6,500 7,000 35 70 105 140 235 330
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7,000 7,500 15 50 85 120 195 290
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7,500 8,000 10 20 50 80 130 220
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8,000 8,500 10 20 30 60 90 180
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8,500 9,000 10 20 30 40 70 140
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9,000 9,500 10 20 30 40 60 100
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- 3 -
9,500 10,000 10 20 30 40 50 80
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10,000 10,500 10 20 30 40 50 60
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10,500 11,000 10 20 30 40 50 60
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11,000 11,500 10 20 30 40 50 60
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11,500 12,000 5 10 15 20 25 30
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12,000 12,500 5 10 15 20 25 30
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12,500 13,000 5 10 15 20 25 30
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13,000 13,500 5 10 15 20 25 30
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13,500 14,000 5 10 15 20 25 30]
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0010| $ 0 $ 500 $145 $180 $210 $240 $270 $350
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0011| 500 1,000 165 225 270 320 350 450
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0012| 1,000 1,500 165 230 290 350 390 480
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0013| 1,500 2,000 165 230 290 350 390 495
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0014| 2,000 2,500 165 230 290 350 390 495
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0015| 2,500 3,000 165 230 290 350 390 495
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0016| 3,000 3,500 165 230 290 350 390 495
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0017| 3,500 4,000 165 230 290 350 390 495
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0018| 4,000 4,500 165 230 290 350 390 495
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0019| 4,500 5,000 150 195 250 330 380 470
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0020| 5,000 5,500 125 170 210 315 370 450
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0021| 5,500 6,000 105 145 175 260 340 430
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0022| 6,000 6,500 95 125 165 240 320 395
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0023| 6,500 7,000 85 115 160 210 250 340
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0024| 7,000 7,500 75 105 150 195 235 310
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0025| 7,500 8,000 65 100 145 185 220 280
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0001| 8,000 8,500 65 110 145 185 220 280
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0002| 8,500 9,000 55 90 135 170 205 270
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0003| 9,000 9,500 55 80 120 160 200 240
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0004| 9,500 10,000 55 80 120 160 200 240
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0005| 10,000 10,500 45 60 90 120 150 180
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0006| 10,500 11,000 45 60 90 120 150 180
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0007| 11,000 11,500 45 60 90 120 150 180
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0008| 11,500 12,000 35 50 75 100 125 145
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0009| 12,000 12,500 35 50 75 100 125 145
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0010| 12,500 13,000 35 50 75 100 125 145
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0011| 13,000 13,500 35 50 75 100 125 145
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0012| 13,500 14,000 25 45 65 85 105 120
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0013| 14,000 14,500 25 45 65 85 105 120
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0014| 14,500 15,000 25 45 65 85 105 120
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0015| 15,000 15,500 20 35 55 70 95 105
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0016| 15,500 16,000 20 35 55 70 95 105
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0017| 16,000 16,500 20 35 55 70 95 105
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0018| 16,500 17,000 15 25 35 55 65 85
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0019| 17,000 17,500 15 25 35 55 65 85
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0020| 17,500 18,000 10 20 35 55 65 85
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0021| 18,000 18,500 0 15 20 35 55 75
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0022| 18,500 19,000 0 10 15 25 45 65
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0023| 19,000 19,500 0 0 10 20 35 55
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0024| 19,500 20,000 0 0 0 15 25 45
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0025| 20,000 21,000 0 0 0 10 15 35
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0001| 21,000 22,000 0 0 0 0 0 20.
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0002| E. If a taxpayer's modified gross income is zero,
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0003| the taxpayer may claim a credit in the amount shown in the
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0004| first row of the table appropriate for the taxpayer's number of
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0005| exemptions.
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0006| F. The tax rebates provided for in this section may
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0007| be deducted from the taxpayer's New Mexico income tax liability
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0008| for the taxable year. If the tax rebates exceed the taxpayer's
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0009| income tax liability, the excess shall be refunded to the
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0010| taxpayer.
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0011| G. For purposes of this section, "dependent" means
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0012| "dependent" as defined by Section 152 of the Internal Revenue
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0013| Code of 1986, as that section may be amended or renumbered, but
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0014| also includes any minor child or stepchild of the resident who
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0015| would be a dependent for federal income tax purposes if the
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0016| public assistance contributing to the support of the child or
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0017| stepchild was considered to have been contributed by the
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0018| resident."
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0019| Section 2. APPLICABILITY.--The provisions of this act
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0020| apply to taxable years beginning on or after January 1, 1998.
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0021|
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0022|
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