0001| HOUSE BILL 1121
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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| FRANK BIRD
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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; REDUCING INCOME TAX RATES.
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0012|
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0013| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0014| Section 1. Section 7-2-7 NMSA 1978 (being Laws 1994,
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0015| Chapter 5, Section 20) is amended to read:
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0016| "7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by
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0017| Section 7-2-3 NMSA 1978 shall be at the following rates for any
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0018| taxable year beginning on or after January 1, [1996] 1997:
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0019| A. For married individuals filing separate returns:
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0020| If the taxable income is: The tax shall be:
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0021| Not over [$4,000 [1.7% of taxable income
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Over $4,000 but not over] $8,000 $68.00 plus 3.2% of
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0023| excess over $4,000] - 0
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0024| -
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0025| Over $8,000 but not over $12,000 $196 plus 4.7% of
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0001| excess over $8,000
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0002| Over $12,000 but not over $20,000 $384 plus 6.0% of
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0003| excess over $12,000
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0004| Over $20,000 but not over $32,000 $864 plus 7.1% of
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0005| excess over $20,000
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0006| Over $32,000 but not over $50,000 $1,716 plus 7.9% of
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0007| excess over $32,000
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0008| Over $50,000 $3,138 plus 8.5% of
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0009| excess over $50,000.
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0010| B. For surviving spouses and married individuals
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0011| filing joint returns:
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0012| If the taxable income is: The tax shall be:
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0013| Not over [$8,000 [1.7% of taxable income
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Over $8,000 but not over] $16,000 $136 plus 3.2% of excess
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0015| over $8,000] - 0 -
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0016| Over $16,000 but not over $24,000 $392 plus 4.7% of
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0017| excess over $16,000
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0018| Over $24,000 but not over $40,000 $768 plus 6.0% of
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0019| excess over $24,000
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0020| Over $40,000 but not over $64,000 $1,728 plus 7.1% of
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0021| excess over $40,000
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0022| Over $64,000 but not over $100,000 $3,432 plus 7.9% of
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0023| excess over $64,000
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0024| Over $100,000 $6,276 plus 8.5% of
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0025| excess over $100,000.
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0001| C. For single individuals and for estates and
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0002| trusts:
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0003| If the taxable income is: The tax shall be:
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0004| Not over [$5,500 [1.7% of taxable income
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Over $5,500 but not over] $11,000 $93.50 plus 3.2% of
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0006| excess over $5,500] - 0
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0007| -
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0008| Over $11,000 but not over $16,000 $269.50 plus 4.7% of
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0009| excess over $11,000
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0010| Over $16,000 but not over $26,000 $504.50 plus 6.0% of
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0011| excess over $16,000
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0012| Over $26,000 but not over $42,000 $1,104.50 plus 7.1% of
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0013| excess over $26,000
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0014| Over $42,000 but not over $65,000 $2,240.50 plus 7.9% of
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0015| excess over $42,000
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0016| Over $65,000 $4,057.50 plus 8.5% of
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0017| excess over $65,000.
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0018| D. For heads of household filing returns:
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0019| If the taxable income is: The tax shall be:
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0020| Not over [$7,000 [1.7% of taxable income
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Over $7,000 but not over] $14,000 $119 plus 3.2% of excess
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0022| over $7,000] - 0 -
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0023| Over $14,000 but not over $20,000 $343 plus 4.7% of
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0024| excess over $14,000
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0025| Over $20,000 but not over $33,000 $625 plus 6.0% of
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0001| excess over $20,000
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0002| Over $33,000 but not over $53,000 $1,405 plus 7.1% of
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0003| excess over $33,000
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0004| Over $53,000 but not over $83,000 $2,825 plus 7.9% of
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0005| excess over $53,000
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0006| Over $83,000 $5,195 plus 8.5% of
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0007| excess over $83,000.
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0008| E. The tax on the sum of any lump-sum amounts
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0009| included in net income is an amount equal to five multiplied by
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0010| the difference between:
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0011| (1) the amount of tax due on the taxpayer's
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0012| taxable income; and
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0013| (2) the amount of tax that would be due on an
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0014| amount equal to the taxpayer's taxable income and twenty
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0015| percent of the taxpayer's lump-sum amounts included in net
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0016| income."
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0017|
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