0001| HOUSE BILL 819
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0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003| INTRODUCED BY
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0004| ANNA MARIE CROOK
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0005|
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0006|
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0007|
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0008|
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0009|
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0010| AN ACT
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0011| RELATING TO TAXATION; AMENDING THE INCOME TAX ACT TO REDUCE
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0012| RATES.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. Section 7-2-7 NMSA 1978 (being Laws 1994,
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0016| Chapter 5, Section 20) is amended to read:
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0017| "7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by
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0018| Section 7-2-3 NMSA 1978 shall be at the following rates for any
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0019| taxable year beginning on or after January 1, [1996] 1997:
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0020| A. For married individuals filing separate returns:
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0021| If the taxable income is: The tax shall be:
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0022| Not over $4,000 1.7% of taxable income
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0023| Over $4,000 but not over $8,000 $68.00 plus 3.2% of
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0024| excess over $4,000
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0025| Over $8,000 but not over $[12,000] $196 plus 4.7% of
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0001| $14,000 excess over $8,000
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0002| Over [$ 12,000] $14,000 but not [$384] $478 plus 6.0%
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0003| of
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0004| over $20,000 excess over [$12,000]
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0005| $14,000
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0006| Over $20,000 but not over $32,000 [$864] $838 plus 7.1%
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0007| of excess over $20,000
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0008| Over $32,000 but not over $50,000 [$1,716] $1,690 plus
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0009| 7.9% of excess over $32,000
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0010| Over $50,000 [$3,138] $3,112 plus
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0011| [8.5%] 8.3% of
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0012| excess over $50,000.
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0013| B. For surviving spouses and married individuals
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0014| filing joint returns:
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0015| If the taxable income is: The tax shall be:
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0016| Not over $8,000 1.7% of taxable income
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0017| Over $8,000 but not over $16,000 $136 plus 3.2% of
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0018| excess over $8,000
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0019| Over $16,000 but not over [$24,000] $392 plus 4.7% of
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0020| $28,000 excess over $16,000
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0021| Over [$24,000] $28,000 but not [$768] $956 plus 6.0%
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0022| of
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0023| over $40,000 excess over [$24,000]
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0024| $28,000
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0025| Over $40,000 but not over $64,000 [$1,728] $1,676 plus
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0001| 7.1% of excess over $40,000
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0002| Over $64,000 but not over $100,000 [$3,432] $3,380 plus
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0003| 7.9% of excess over $64,000
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0004| Over $100,000 [$6,276] $6,224 plus
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0005| [8.5%] 8.3% of excess
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0006| over $100,000.
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0007| C. For single individuals and for estates and
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0008| trusts:
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0009| If the taxable income is: The tax shall be:
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0010| Not over [$5,500] $6,000 1.7% of taxable income
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0011| Over [$5,500] $6,000 but not [$93.50] $102 plus
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0012| 3.2% over [$11,000] $12,000 of excess over [$5,500]
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0013| $6,000
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0014| Over [$11,000] $12,000 but not [$269.50] $294 plus
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0015| 4.7%
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0016| over [$16,000] $18,000 of excess over
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0017| [$11,000]
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0018| $12,000
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0019| Over [$16,000] $18,000 but not [$504.50] $576 plus
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0020| 6.0%
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0021| over $26,000 of excess over
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0022| [$16,000]
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0023| $18,000
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0024| Over $26,000 but not over $42,000 [$1,104.50] $1,056
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0025| plus 7.1% of excess over
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0001| $26,000
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0002| Over $42,000 but not over $65,000 [$2,240.50] $2,192
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0003| plus 7.9% of excess over
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0004| $42,000
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0005| Over $65,000 [$4,057.50] $4,009
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0006| plus [8.5%] 8.3% of excess
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0007| over $65,000.
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0008| D. For heads of household filing returns:
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0009| If the taxable income is: The tax shall be:
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0010| Not over $7,000 1.7% of taxable income
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0011| Over $7,000 but not over $14,000 $119 plus 3.2% of
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0012| excess over $7,000
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0013| Over $14,000 but not over [$20,000] $343 plus 4.7% of
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0014| $24,000 excess over $14,000
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0015| Over [$20,000] $24,000 but not over
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0016| [$625] $813 plus 6.0% of
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0017| [$33,000] $34,000 excess over [$20,000]
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0018| $24,000
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0019| Over [$33,000] $34,000 but not [$1,405] $1,413 plus
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0020| 7.1%
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0021| over [$53,000] $54,000 of excess over
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0022| [$33,000]
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0023| $34,000
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0024| Over [$53,000] $54,000 but not [$2,825] $2,833 plus
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0025| 7.9% over $83,000 of excess over
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0001| [$53,000]
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0002| $54,000
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0003| Over $83,000 [$5,195] $5,124 plus
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0004| [8.5%] 8.3% of excess
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0005| over $83,000.
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0006| E. The tax on the sum of any lump-sum amounts
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0007| included in net income is an amount equal to five multiplied by
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0008| the difference between:
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0009| (1) the amount of tax due on the taxpayer's
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0010| taxable income; and
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0011| (2) the amount of tax that would be due on an
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0012| amount equal to the taxpayer's taxable income and twenty
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0013| percent of the taxpayer's lump-sum amounts included in net
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0014| income."
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0015| Section 2. APPLICABILITY.--The provisions of this act
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0016| apply to taxable years beginning on or after January 1, 1997.
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0017|
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