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|
SPONSOR: |
Thompson |
DATE TYPED: |
01/23/02 |
HB |
12 |
||
|
SHORT TITLE: |
Amend Tax Witholding Act |
SB |
|
||||
|
|
ANALYST: |
Neel |
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REVENUE
|
Estimated
Revenue |
Subsequent Years Impact |
Recurring or Non-Rec |
Fund Affected |
|
|
FY02 |
FY03 |
|
|
|
|
|
NFI |
|
Recurring |
General Fund |
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates/Conflicts with/Companion to/Relates
to
Taxation and Revenue Department (TRD)
SUMMARY
This
bill adds investment partnerships to those entities not required to withhold
New Mexico income tax, or to solicit a promise to file from out-of-state
partners. Investment returns, including interest, dividends and sales of
securities are apportioned to the partners’ domiciliary or resident state and
are not taxable to New Mexico. Thus, this bill simplifies the paperwork
chain. The effective date is tax years
beginning on or after January 1, 2002
FISCAL
IMPLICATIONS
Interest
and dividends generated by an investment partnership with investments in New
Mexico are wholly apportioned to the out-of-state partner’s state of residence
or domicile.
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