0001| HOUSE BILL 235
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003| INTRODUCED BY
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0004| JOE NESTOR CHAVEZ
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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 A SECTION OF THE INCOME TAX ACT
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0012| TO EXPAND AND INCREASE THE LOW-INCOME COMPREHENSIVE TAX
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0013| REBATE.
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0014|
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0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016| Section 1. Section 7-2-14 NMSA 1978 (being Laws 1972,
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0017| Chapter 20, Section 2, as amended) is amended to read:
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0018| "7-2-14. LOW-INCOME COMPREHENSIVE TAX REBATE.--
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0019| A. Except as otherwise provided in Subsection B of
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0020| this section, any resident who files an individual New Mexico
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0021| income tax return and who is not a dependent of another
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0022| individual may claim a tax rebate for a portion of state and
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0023| local taxes to which the resident has been subject during the
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0024| taxable year for which the return is filed. The tax rebate
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0025| may be claimed even though the resident has no income taxable
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- 1 -
0001| under the Income Tax Act. A husband and wife who file
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0002| separate returns for a taxable year in which they could have
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0003| filed a joint return may each claim only one-half of the tax
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0004| rebate that would have been allowed on a joint return.
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0005| B. No claim for the tax rebate provided in this
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0006| section shall be filed by a resident who was an inmate of a
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0007| public institution for more than six months during the taxable
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0008| year for which the tax rebate could be claimed or who was not
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0009| physically present in New Mexico for at least six months
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0010| during the taxable year for which the tax rebate could be
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0011| claimed.
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0012| C. For the purposes of this section, the total
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0013| number of exemptions for which a tax rebate may be claimed or
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0014| allowed is determined by adding the number of federal
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0015| exemptions allowable for federal income tax purposes for each
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0016| individual included in the return who is domiciled in New
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0017| Mexico plus two additional exemptions for each individual
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0018| domiciled in New Mexico included in the return who is
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0019| sixty-five years of age or older plus one additional exemption
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0020| for each individual domiciled in New Mexico included in the
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0021| return who, for federal income tax purposes, is blind plus one
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0022| exemption for each minor child or stepchild of the resident
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0023| who would be a dependent for federal income tax purposes if
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0024| the public assistance contributing to the support of the child
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0025| or stepchild was considered to have been contributed by the
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- 2 -
0001| resident.
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0002| D. The tax rebate provided for in this section may
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0003| be claimed in the amount shown in the following table:
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0004| Modified gross And the total number
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0005| income is: of exemptions is:
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0006| But Not 6 or
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0007| Over Over 1 2 3 4 5 More
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0008| [$ 0 $ 500 $120 $150 $175 $200 $225 $320
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500 1,000 135 185 225 265 300 415
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1,000 1,500 135 190 235 290 325 435
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1,500 2,000 135 190 235 290 325 450
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2,000 2,500 135 190 240 290 325 450
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2,500 3,000 135 190 240 290 325 450
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3,000 3,500 135 190 240 290 325 450
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3,500 4,000 135 190 240 300 335 450
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4,000 4,500 135 190 240 300 355 450
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4,500 5,000 115 150 205 300 355 450
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5,000 5,500 95 130 165 260 355 430
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5,500 6,000 75 110 145 220 315 410
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6,000 6,500 55 90 125 180 275 370
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6,500 7,000 35 70 105 140 235 330
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7,000 7,500 15 50 85 120 195 290
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7,500 8,000 10 20 50 80 130 220
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8,000 8,500 10 20 30 60 90 180
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8,500 9,000 10 20 30 40 70 140
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9,000 9,500 10 20 30 40 60 100
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9,500 10,000 10 20 30 40 50 80
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10,000 10,500 10 20 30 40 50 60
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10,500 11,000 10 20 30 40 50 60
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11,000 11,500 10 20 30 40 50 60
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11,500 12,000 5 10 15 20 25 30
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12,000 12,500 5 10 15 20 25 30
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12,500 13,000 5 10 15 20 25 30
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13,000 13,500 5 10 15 20 25 30
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13,500 14,000 5 10 15 20 25 30]
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0011| $ 0 $ 500 $ 145 $ 180 $ 210 $ 240 $ 270 $ 350
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0012| 500 1,000 165 225 270 320 350 450
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0013| 1,000 1,500 165 230 290 350 390 480
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0014| 1,500 2,000 165 230 290 350 390 495
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0015| 2,000 2,500 165 230 290 350 390 495
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0016| 2,500 3,000 165 230 290 350 390 495
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0017| 3,000 3,500 165 230 290 350 390 495
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0018| 3,500 4,000 165 230 290 350 390 495
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0019| 4,000 4,500 165 230 290 350 390 495
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0020| 4,500 5,000 140 180 250 330 380 470
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0021| 5,000 5,500 115 160 200 315 370 455
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0022| 5,500 6,000 90 135 175 265 340 435
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0023| 6,000 6,500 80 125 165 240 330 395
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0024| 6,500 7,000 70 110 150 220 300 370
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0025| 7,000 7,500 70 110 150 220 300 370
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0001| 7,500 8,000 55 110 165 220 275 330
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0002| 8,000 8,500 55 110 165 220 275 330
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0003| 8,500 9,000 45 90 135 180 225 270
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0004| 9,000 9,500 40 80 120 160 200 240
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0005| 9,500 10,000 40 80 120 160 200 240
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0006| 10,000 10,500 30 60 90 120 150 180
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0007| 10,500 11,000 30 60 90 120 150 180
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0008| 11,000 11,500 30 60 90 120 150 180
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0009| 11,500 12,000 30 60 90 120 150 180
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0010| 12,000 12,500 25 50 75 100 125 150
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0011| 12,500 13,000 25 50 75 100 125 150
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0012| 13,000 13,500 25 50 75 100 125 150
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0013| 13,500 14,000 25 50 75 100 125 150
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0014| 14,000 14,500 25 50 75 100 125 150
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0015| 14,500 15,000 25 50 75 100 125 150
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0016| 15,000 15,500 20 40 60 80 100 120
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0017| 15,500 16,000 20 40 60 80 100 120
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0018| 16,000 16,500 20 40 60 80 100 120
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0019| 16,500 17,000 20 40 60 80 100 120
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0020| 17,000 17,500 20 40 60 80 100 120
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0021| 17,500 18,000 20 40 60 80 100
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0022| 120.
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0023| E. If a taxpayer's modified gross income is zero,
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0024| the taxpayer may claim a credit in the amount shown in the
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0025| first row of the table appropriate for the taxpayer's number
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0001| of exemptions.
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0002| F. The tax rebates provided for in this section may
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0003| be deducted from the taxpayer's New Mexico income tax
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0004| liability for the taxable year. If the tax rebates exceed the
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0005| taxpayer's income tax liability, the excess shall be refunded
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0006| to the taxpayer.
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0007| G. For purposes of this section, "dependent" means
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0008| "dependent" as defined by Section 152 of the Internal Revenue
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0009| Code of 1986, as that section may be amended or renumbered,
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0010| but also includes any minor child or stepchild of the resident
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0011| who would be a dependent for federal income tax purposes if
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0012| the public assistance contributing to the support of the child
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0013| or stepchild was considered to have been contributed by the
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0014| resident."
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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, 1998.
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0017|
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