HOUSE BILL 247
54th legislature - STATE OF NEW MEXICO - first session, 2019
INTRODUCED BY
Christine Chandler
AN ACT
RELATING TO TAXATION; INCREASING CORPORATE INCOME TAX RATES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-2A-5 NMSA 1978 (being Laws 1981, Chapter 37, Section 38, as amended) is amended to read:
"7-2A-5. CORPORATE INCOME TAX RATES.--The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be at the rates specified in the following tables:
[A. For taxable years beginning prior to January 1, 2014:
If the net income is: The tax shall be:
Not over $500,000 4.8% of net income
Over $500,000 but not
over $1,000,000 $24,000 plus
6.4% of excess
over $500,000
Over $1,000,000 $56,000
plus 7.6% of excess
over $1,000,000.
B. For taxable years beginning on or after January 1, 2014 and prior to January 1, 2015:
If the net income is: The tax shall be:
Not over $500,000 4.8% of net income
Over $500,000 but not
over $1,000,000 $24,000 plus
6.4% of excess
over $500,000
Over $1,000,000 $56,000
plus 7.3% of excess
over $1,000,000.
C. For taxable years beginning on or after January 1, 2015 and prior to January 1, 2016:
If the net income is: The tax shall be:
Not over $500,000 4.8% of net income
Over $500,000 but not
over $1,000,000 $24,000 plus
6.4% of excess
over $500,000
Over $1,000,000 $56,000
plus 6.9% of excess
over $1,000,000.
D. For taxable years beginning on or after January 1, 2016 and prior to January 1, 2017:
If the net income is: The tax shall be:
Not over $500,000 4.8% of net income
Over $500,000 but not
over $1,000,000 $24,000 plus
6.4% of excess
over $500,000
Over $1,000,000 $56,000
plus 6.6% of excess
over $1,000,000.
E.] A. For taxable years beginning on or after January 1, [2017] 2020 and prior to January 1, [2018] 2021:
If the net income is: The tax shall be:
Not over $500,000 4.8% of net income
Over $500,000 but not $24,000 plus
over $1,000,000 [6.2%] 6.4% of excess over $500,000
Over $1,000,000 $56,000 plus 6.9% of excess over $1,000,000.
[F.] B. For taxable years beginning on or after January 1, [2018] 2021:
If the net income is: The tax shall be:
Not over $500,000 4.8% of net income
Over $500,000 but not $24,000 plus
over $1,000,000 [5.9%] 6.4% of excess
over $500,000
Over $1,000,000 $56,000 plus 7.6% of
excess over $1,000,000."
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