SENATE BILL 9
49th legislature - STATE OF NEW MEXICO - first special session, 2009
INTRODUCED BY
Linda M. Lopez
AN ACT
RELATING TO REVENUE; RETURNING INCOME TAX RATES TO RATES IMPOSED PRIOR TO 2004; DECLARING AN EMERGENCY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 7-2-7 NMSA 1978 (being Laws 2005, Chapter 104, Section 4) 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, [2008] 2010:
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 4.9% 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.
B. For [heads of household] 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 [4.9%] 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.
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 [4.9%] 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.
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.
[D.] 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, 2010.
Section 3. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.
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