0001| HOUSE BILL 83
|
0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
|
0003| INTRODUCED BY
|
0004| JUDY VANDERSTAR RUSSELL
|
0005|
|
0006|
|
0007|
|
0008|
|
0009|
|
0010| AN ACT
|
0011| RELATING TO TAXATION; REDUCING INCOME TAX RATES.
|
0012|
|
0013| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
|
0014| Section 1. Section 7-2-7 NMSA 1978 (being Laws 1994,
|
0015| Chapter 5, Section 20) is amended to read:
|
0016| "7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by
|
0017| Section 7-2-3 NMSA 1978 shall be at the following rates for
|
0018| any taxable year beginning on or after January 1, [1996]
|
0019| 1998:
|
0020| A. For married individuals filing separate
|
0021| returns:
|
0022| If the taxable income is: The tax shall be:
|
0023| [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
|
- 1 -
Over $ 8,000 but not over $ 12,000 $ 196 plus 4.7% of
|
excess over $ 8,000
|
Over $ 12,000 but not over $ 20,000 $ 384 plus 6.0% of
|
excess over $12,000
|
Over $ 20,000 but not over $ 32,000 $ 864 plus 7.1% of
|
excess over $20,000
|
Over $ 32,000 but not over $ 50,000 $ 1,716 plus 7.9% of
|
excess over $32,000
|
Over $ 50,000 $ 3,138 plus 8.5% of
|
excess over $50,000]
|
0011| Not over $4,000 1.6% of taxable
|
0012| income
|
0013| Over $ 4,000 but not over $ 8,000 $ 64.00 plus 3.1% of
|
0014| excess over $ 4,000
|
0015| Over $ 8,000 but not over $ 12,000 $ 188 plus 4.6% of
|
0016| excess over $ 8,000
|
0017| Over $ 12,000 but not over $ 20,000 $ 372 plus 5.9% of
|
0018| excess over $12,000
|
0019| Over $ 20,000 but not over $ 32,000 $ 844 plus 6.9% of
|
0020| excess over $20,000
|
0021| Over $ 32,000 but not over $ 50,000 $ 1,672 plus 7.7% of
|
0022| excess over $32,000
|
0023| Over $ 50,000 $ 3,058 plus 8.3% of
|
0024| excess over $50,000.
|
0025| B. For surviving spouses and married individuals
|
- 2 -
0001| filing joint returns:
|
0002| If the taxable income is: The tax shall be:
|
0003| [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 $ 40,000 $ 768 plus 6.0% of
|
excess over $ 24,000
|
Over $ 40,000 but not over $ 64,000 $ 1,728 plus 7.1% of
|
excess over $ 40,000
|
Over $ 64,000 but not over $100,000 $ 3,432 plus 7.9% of
|
excess over $ 64,000
|
Over $100,000 $ 6,276 plus 8.5% of
|
excess over $100,000]
|
0016| Not over $8,000 1.6% of taxable
|
0017| income
|
0018| Over $ 8,000 but not over $ 16,000 $ 128 plus 3.1% of
|
0019| excess over $ 8,000
|
0020| Over $ 16,000 but not over $ 24,000 $ 376 plus 4.6% of
|
0021| excess over $ 16,000
|
0022| Over $ 24,000 but not over $ 40,000 $ 744 plus 5.9% of
|
0023| excess over $ 24,000
|
0024| Over $ 40,000 but not over $ 64,000 $ 1,688 plus 6.9% of
|
0025| excess over $ 40,000
|
- 3 -
0001| Over $ 64,000 but not over $100,000 $ 3,344 plus 7.7% of
|
0002| excess over $ 64,000
|
0003| Over $100,000 $ 6,116 plus 8.3% of
|
0004| excess over $100,000.
|
0005| C. For single individuals and for estates and
|
0006| trusts:
|
0007| If the taxable income is: The tax shall be:
|
0008| [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 $ 26,000 $ 504.50 plus 6.0% of
|
excess over $ 16,000
|
Over $ 26,000 but not over $ 42,000 $1,104.50 plus 7.1% of
|
excess over $ 26,000
|
Over $ 42,000 but not over $ 65,000 $2,240.50 plus 7.9% of
|
excess over $ 42,000
|
Over $ 65,000 $4,057.50 plus 8.5% of
|
excess over $ 65,000]
|
0021| Not over $5,500 1.6% of taxable
|
0022| income
|
0023| Over $ 5,500 but not over $ 11,000 $ 88.00 plus 3.1% of
|
0024| excess over $ 5,500
|
0025| Over $ 11,000 but not over $ 16,000 $ 258.50 plus 4.6% of
|
- 4 -
0001| excess over $ 11,000
|
0002| Over $ 16,000 but not over $ 26,000 $ 488.50 plus 5.9% of
|
0003| excess over $ 16,000
|
0004| Over $ 26,000 but not over $ 42,000 $1,078.50 plus 6.9% of
|
0005| excess over $ 26,000
|
0006| Over $ 42,000 but not over $ 65,000 $2,182.50 plus 7.7% of
|
0007| excess over $ 42,000
|
0008| Over $ 65,000 $3,953.50 plus 8.3% of
|
0009| excess over $ 65,000.
|
0010| D. For heads of household filing returns:
|
0011| If the taxable income is: The tax shall be:
|
0012| [Not over $7,000 1.7% of taxable income
|
Over $ 7,000 but not over $ 14,000 $ 119 plus 3.2% of
|
excess over $ 7,000
|
Over $ 14,000 but not over $ 20,000 $ 343 plus 4.7% of
|
excess over $ 14,000
|
Over $ 20,000 but not over $ 33,000 $ 625 plus 6.0% of
|
excess over $ 20,000
|
Over $ 33,000 but not over $ 53,000 $1,405 plus 7.1% of
|
excess over $ 33,000
|
Over $ 53,000 but not over $ 83,000 $2,825 plus 7.9% of
|
excess over $ 53,000
|
Over $ 83,000 $5,195 plus 8.5% of
|
excess over $ 83,000]
|
0025| Not over $7,000 1.6% of taxable
|
- 5 -
0001| income
|
0002| Over $ 7,000 but not over $ 14,000 $ 112 plus 3.1% of
|
0003| excess over $ 7,000
|
0004| Over $ 14,000 but not over $ 20,000 $ 329 plus 4.6% of
|
0005| excess over $ 14,000
|
0006| Over $ 20,000 but not over $ 33,000 $ 605 plus 5.9% of
|
0007| excess over $ 20,000
|
0008| Over $ 33,000 but not over $ 53,000 $1,372 plus 6.9% of
|
0009| excess over $ 33,000
|
0010| Over $ 53,000 but not over $ 83,000 $2,752 plus 7.7% of
|
0011| excess over $ 53,000
|
0012| Over $ 83,000 $5,062 plus 8.3% of
|
0013| excess over $ 83,000.
|
0014| E. The tax on the sum of any lump-sum amounts
|
0015| included in net income is an amount equal to five multiplied
|
0016| by the difference between:
|
0017| (1) the amount of tax due on the taxpayer's
|
0018| taxable income; and
|
0019| (2) the amount of tax that would be due on an
|
0020| amount equal to the taxpayer's taxable income and twenty
|
0021| percent of the taxpayer's lump-sum amounts included in net
|
0022| income."
|
0023|
|