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 | 0024| Over $ 4,000 but not over $ 8,000 $ 68.00 plus 3.2% of | 0025| excess over $ 4,000 | - 1 - 0001| Over $ 8,000 but not over $ 12,000 $ 196 plus 4.7% of | 0002| excess over $ 8,000 | 0003| Over $ 12,000 but not over $ 20,000 $ 384 plus 6.0% of | 0004| excess over $12,000 | 0005| Over $ 20,000 but not over $ 32,000 $ 864 plus 7.1% of | 0006| excess over $20,000 | 0007| Over $ 32,000 but not over $ 50,000 $ 1,716 plus 7.9% of | 0008| excess over $32,000 | 0009| Over $ 50,000 $ 3,138 plus 8.5% of | 0010| 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 | 0004| Over $ 8,000 but not over $ 16,000 $ 136 plus 3.2% of | 0005| excess over $ 8,000 | 0006| Over $ 16,000 but not over $ 24,000 $ 392 plus 4.7% of | 0007| excess over $ 16,000 | 0008| Over $ 24,000 but not over $ 40,000 $ 768 plus 6.0% of | 0009| excess over $ 24,000 | 0010| Over $ 40,000 but not over $ 64,000 $ 1,728 plus 7.1% of | 0011| excess over $ 40,000 | 0012| Over $ 64,000 but not over $100,000 $ 3,432 plus 7.9% of | 0013| excess over $ 64,000 | 0014| Over $100,000 $ 6,276 plus 8.5% of | 0015| 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 | 0009| Over $ 5,500 but not over $ 11,000 $ 93.50 plus 3.2% of | 0010| excess over $ 5,500 | 0011| Over $ 11,000 but not over $ 16,000 $ 269.50 plus 4.7% of | 0012| excess over $ 11,000 | 0013| Over $ 16,000 but not over $ 26,000 $ 504.50 plus 6.0% of | 0014| excess over $ 16,000 | 0015| Over $ 26,000 but not over $ 42,000 $1,104.50 plus 7.1% of | 0016| excess over $ 26,000 | 0017| Over $ 42,000 but not over $ 65,000 $2,240.50 plus 7.9% of | 0018| excess over $ 42,000 | 0019| Over $ 65,000 $4,057.50 plus 8.5% of | 0020| 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 | 0013| Over $ 7,000 but not over $ 14,000 $ 119 plus 3.2% of | 0014| excess over $ 7,000 | 0015| Over $ 14,000 but not over $ 20,000 $ 343 plus 4.7% of | 0016| excess over $ 14,000 | 0017| Over $ 20,000 but not over $ 33,000 $ 625 plus 6.0% of | 0018| excess over $ 20,000 | 0019| Over $ 33,000 but not over $ 53,000 $1,405 plus 7.1% of | 0020| excess over $ 33,000 | 0021| Over $ 53,000 but not over $ 83,000 $2,825 plus 7.9% of | 0022| excess over $ 53,000 | 0023| Over $ 83,000 $5,195 plus 8.5% of | 0024| 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|  |