0001| SENATE BILL 335 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| LEONARD LEE RAWSON | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO INCOME TAXATION; AMENDING TAX RATES FOR SURVIVING | 0012| SPOUSES AND MARRIED INDIVIDUALS FILING JOINT RETURNS. | 0013| | 0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0015| Section 1. Section 7-2-7 NMSA 1978 (being Laws 1994, | 0016| Chapter 5, Section 20) is amended to read: | 0017| "7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by | 0018| Section 7-2-3 NMSA 1978 shall be at the following rates for | 0019| any taxable year beginning on or after January 1, 1996: | 0020| A. For married individuals filing separate | 0021| returns: | 0022| If the taxable income is: The tax shall be: | 0023| Not over $4,000 1.7% of taxable income | 0024| Over $ 4,000 but not over $ 8,000 $ 68.00 plus 3.2% of | 0025| excess over $ 4,000 | - 1 - 0001| Over $ 8,000 but not over $ 12,000 $ 196 plus 4.7% of | 0002| excess over $ 8,000 | 0003| Over $ 12,000 but not over $ 20,000 $ 384 plus 6.0% of | 0004| excess over $ 12,000 | 0005| Over $ 20,000 but not over $ 32,000 $ 864 plus 7.1% of | 0006| excess over $ 20,000 | 0007| Over $ 32,000 but not over $ 50,000 $ 1,716 plus 7.9% of | 0008| excess over $ 32,000 | 0009| Over $ 50,000 $ 3,138 plus 8.5% of | 0010| excess over $ 50,000. | 0011| B. For surviving spouses and married individuals | 0012| filing joint returns: | 0013| If the taxable income is: The tax shall be: | 0014| Not over ~[$8,000]~ |$11,000| 1.7% of taxable income | 0015| Over ~[$ 8,000]~ |$11,000| | 0016| but not over ~[$ 16,000]~ |$19,000| $ 136 plus 3.2% of | 0017| excess over ~[$ 8,000]~ | 0018| |$11,000| | 0019| Over ~[$ 16,000]~ |$19,000| | 0020| but not over ~[$ 24,000]~ |$26,000| $ 392 plus 4.7% of | 0021| excess over ~[$ 16,000]~ | 0022| |$19,000| | 0023| Over ~[$ 24,000] |$26,000| | 0024| but not over [$ 40,000]~ |$41,000 | $ 768 plus 6.0% of || | 0025| excess over $ ~[24,000]~ | - 2 - 0001| | $26,000| | 0002| Over ~[$ 40,000]~ |$41,000| | 0003| but not over ~[$ 64,000]~ |$65,000| $ 1,728 plus 7.1% of | 0004| excess over ~[$40,000]~ | 0005| |$41,000| | 0006| Over ~[$ 64,000]~ |$65,000| | 0007| but not over $100,000 $ 3,432 plus 7.9% of | 0008| excess over ~[$ 64,000]~ | 0009| |$65,000| | 0010| Over $100,000 $ 6,276 plus 8.5% of | 0011| excess over $100,000. | 0012| C. For single individuals and for estates and trusts: | 0013| If the taxable income is: The tax shall be: | 0014| Not over $5,500 1.7% of taxable income | 0015| Over $ 5,500 but not over $ 11,000 $ 93.50 plus 3.2% of | 0016| excess over $ 5,500 | 0017| Over $ 11,000 but not over $ 16,000 $ 269.50 plus 4.7% of | 0018| excess over $ 11,000 | 0019| Over $ 16,000 but not over $ 26,000 $ 504.50 plus 6.0% of | 0020| excess over $ 16,000 | 0021| Over $ 26,000 but not over $ 42,000 $1,104.50 plus 7.1% of | 0022| excess over $ 26,000 | 0023| Over $ 42,000 but not over $ 65,000 $2,240.50 plus 7.9% of | 0024| excess over $ 42,000 | 0025| Over $ 65,000 $4,057.50 plus 8.5% of | - 3 - 0001| excess over $ 65,000. | 0002| D. For heads of household filing returns: | 0003| If the taxable income is: The tax shall be: | 0004| Not over $7,000 1.7% of taxable income | 0005| Over $ 7,000 but not over $ 14,000 $ 119 plus 3.2% of | 0006| excess over $ 7,000 | 0007| Over $ 14,000 but not over $ 20,000 $ 343 plus 4.7% of | 0008| excess over $ 14,000 | 0009| Over $ 20,000 but not over $ 33,000 $ 625 plus 6.0% of | 0010| excess over $ 20,000 | 0011| Over $ 33,000 but not over $ 53,000 $1,405 plus 7.1% of | 0012| excess over $ 33,000 | 0013| Over $ 53,000 but not over $ 83,000 $2,825 plus 7.9% of | 0014| excess over $ 53,000 | 0015| Over $ 83,000 $5,195 plus 8.5% of | 0016| excess over $ 83,000. | 0017| E. The tax on the sum of any lump-sum amounts | 0018| included in net income is an amount equal to five multiplied | 0019| by the difference between: | 0020| (1) the amount of tax due on the taxpayer's | 0021| taxable income; and | 0022| (2) the amount of tax that would be due on an | 0023| amount equal to the taxpayer's taxable income and twenty | 0024| percent of the taxpayer's lump-sum amounts included in net | 0025| income." | - 4 - 0001| Section 2. APPLICABILITY.--The provisions of this act | 0002| apply to taxable years beginning on after January 1, 1998. | 0003|  |