PROPOSED COMMITTEE SUBSTITUTE FOR

HOUSE BILL 667

54th legislature - STATE OF NEW MEXICO - first session, 2019

DISCUSSION DRAFT

AN ACT

RELATING TO TAXATION; PROVIDING AN INCOME TAX REBATE FOR RESIDENTS FOR TAXABLE YEAR 2019.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] TAX REBATE--2019 TAXABLE YEAR.--

          A. Except as otherwise provided in this section, a resident who files a New Mexico income tax return and who is not a dependent of another individual is entitled to a tax rebate for the 2019 taxable year, regardless of whether the resident has taxable income for that taxable year.

          B. The amount of tax rebate provided by this section shall be in an amount equal to:

                (1) for married individuals filing a separate return, single individuals and heads of household, two hundred dollars ($200) multiplied by the sum of one and the number of dependents claimed on the taxpayer's return; and

                (2) for married individuals filing a joint return:

                     (a) if both individuals are residents, two hundred dollars ($200) multiplied by the sum of two and the number of dependents claimed on the taxpayers' return; or

                     (b) if only one individual is a resident, two hundred dollars ($200) multiplied by the sum of one and the number of dependents claimed on the taxpayers' return.

          C. For purposes of this section, "dependent" means "dependent" as defined by Section 152 of the Internal Revenue Code, but also includes any minor child or stepchild of the resident who would be a dependent for federal income tax purposes if the public assistance contributing to the support of the child or stepchild was considered to have been contributed by the resident."

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