45th legislature - STATE OF NEW MEXICO - first extraordinary session, 2002
RELATING TO TAXATION; REDUCING PERSONAL INCOME TAX RATES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 7-2-7 NMSA 1978 (being Laws 1994, Chapter 5, Section 20, as amended) is amended to read:
"7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by
Section 7-2-3 NMSA 1978 shall be at the following rates for
any taxable year beginning on or after January 1, [1998] 2002:
A. For married individuals filing separate returns:
If the taxable income is: The tax shall be:
[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
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 8.2% of excess over $ 50,000.]
Not over $4,000 1.6% of taxable income
Over $ 4,000 but not over $ 8,000 $ 64.00 plus 3.1% of excess over $ 4,000
Over $ 8,000 but not over $ 12,000 $ 188 plus 4.6% of excess over $ 8,000
Over $ 12,000 but not over $ 20,000 $ 372 plus 5.8% of excess over $ 12,000
Over $ 20,000 but not over $ 32,000 $ 836 plus 7.0% of excess over $ 20,000
Over $ 32,000 but not over $ 50,000 $ 1,676 plus 7.7% of excess over $ 32,000
Over $ 50,000 $ 3,062 plus 7.9% of excess over $ 50,000.
B. For surviving spouses and married individuals filing joint returns:
If the taxable income is: The tax shall be:
[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 8.2% of
excess over $100,000.]
Not over $8,000 1.6% of taxable income
Over $ 8,000 but not over $ 16,000 $ 128 plus 3.1% of excess over $ 8,000
Over $ 16,000 but not over $ 24,000 $ 376 plus 4.6% of excess over $ 16,000
Over $ 24,000 but not over $ 40,000 $ 744 plus 5.8% of excess over $ 24,000
Over $ 40,000 but not over $ 64,000 $ 1,672 plus 7.0% of excess over $ 40,000
Over $ 64,000 but not over $100,000 $ 3,352 plus 7.7% of excess over $ 64,000
Over $100,000 $ 6,124 plus 7.9% of excess over $100,000.
C. For single individuals and for estates and trusts:
If the taxable income is: The tax shall be:
[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 8.2% of
excess over $ 65,000.]
Not over $5,500 1.6% of taxable income
Over $ 5,500 but not over $ 11,000 $ 88.00 plus 3.1% of excess over $ 5,500
Over $ 11,000 but not over $ 16,000 $ 258.50 plus 4.6% of excess over $ 11,000
Over $ 16,000 but not over $ 26,000 $ 488.50 plus 5.8% of excess over $ 16,000
Over $ 26,000 but not over $ 42,000 $1,068.50 plus 7.0% of excess over $ 26,000
Over $ 42,000 but not over $ 65,000 $2,188.50 plus 7.7% of excess over $ 42,000
Over $ 65,000 $3,959.50 plus 7.9% of excess over $ 65,000.
D. For heads of household filing returns:
If the taxable income is: The tax shall be:
[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 8.2% of
excess over $ 83,000.]
Not over $7,000 1.6% of taxable income
Over $ 7,000 but not over $ 14,000 $ 112 plus 3.1% of
excess over $ 7,000
Over $ 14,000 but not over $ 20,000 $ 329 plus 4.6% of
excess over $ 14,000
Over $ 20,000 but not over $ 33,000 $ 605 plus 5.8% of
excess over $ 20,000
Over $ 33,000 but not over $ 53,000 $1,359 plus 7.0% of
excess over $ 33,000
Over $ 53,000 but not over $ 83,000 $2,759 plus 7.7% of
excess over $ 53,000
Over $ 83,000 $5,069 plus 7.9% of
excess over $ 83,000.
E. The tax on the sum of any lump-sum amounts included in net income is an amount equal to five multiplied by the difference between:
(1) the amount of tax due on the taxpayer's taxable income; and
(2) the amount of tax that would be due on an amount equal to the taxpayer's taxable income and twenty percent of the taxpayer's lump-sum amounts included in net income."
Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2002.