0001| SENATE BILL 93 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| PHILLIP J. MALOOF | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO TAXATION; AMENDING A SECTION OF THE INCOME TAX ACT | 0012| TO EXPAND AND INCREASE THE LOW-INCOME COMPREHENSIVE TAX | 0013| REBATE. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. Section 7-2-14 NMSA 1978 (being Laws 1972, | 0017| Chapter 20, Section 2, as amended) is amended to read: | 0018| "7-2-14. LOW-INCOME COMPREHENSIVE TAX REBATE.-- | 0019| A. Except as otherwise provided in Subsection B of | 0020| this section, any resident who files an individual New Mexico | 0021| income tax return and who is not a dependent of another | 0022| individual may claim a tax rebate for a portion of state and | 0023| local taxes to which the resident has been subject during the | 0024| taxable year for which the return is filed. The tax rebate | 0025| may be claimed even though the resident has no income taxable | - 1 - 0001| under the Income Tax Act. A husband and wife who file | 0002| separate returns for a taxable year in which they could have | 0003| filed a joint return may each claim only one-half of the tax | 0004| rebate that would have been allowed on a joint return. | 0005| B. No claim for the tax rebate provided in this | 0006| section shall be filed by a resident who was an inmate of a | 0007| public institution for more than six months during the taxable | 0008| year for which the tax rebate could be claimed or who was not | 0009| physically present in New Mexico for at least six months | 0010| during the taxable year for which the tax rebate could be | 0011| claimed. | 0012| C. For the purposes of this section, the total | 0013| number of exemptions for which a tax rebate may be claimed or | 0014| allowed is determined by adding the number of federal | 0015| exemptions allowable for federal income tax purposes for each | 0016| individual included in the return who is domiciled in New | 0017| Mexico plus two additional exemptions for each individual | 0018| domiciled in New Mexico included in the return who is | 0019| sixty-five years of age or older plus one additional exemption | 0020| for each individual domiciled in New Mexico included in the | 0021| return who, for federal income tax purposes, is blind plus one | 0022| exemption for each minor child or stepchild of the resident | 0023| who would be a dependent for federal income tax purposes if | 0024| the public assistance contributing to the support of the child | 0025| or stepchild was considered to have been contributed by the | - 2 - 0001| resident. | 0002| D. The tax rebate provided for in this section may | 0003| be claimed in the amount shown in the following table: | 0004| Modified gross And the total number | 0005| income is: of exemptions is: | 0006| But Not 6 or | 0007| Over Over 1 2 3 4 5 More | 0008| ~[$ 0 $ 500 $120 $150 $175 $200 $225 $320 | 0009| 500 1,000 135 185 225 265 300 415 | 0010| 1,000 1,500 135 190 235 290 325 435 | 0011| 1,500 2,000 135 190 235 290 325 450 | 0012| 2,000 2,500 135 190 240 290 325 450 | 0013| 2,500 3,000 135 190 240 290 325 450 | 0014| 3,000 3,500 135 190 240 290 325 450 | 0015| 3,500 4,000 135 190 240 300 335 450 | 0016| 4,000 4,500 135 190 240 300 355 450 | 0017| 4,500 5,000 115 150 205 300 355 450 | 0018| 5,000 5,500 95 130 165 260 355 430 | 0019| 5,500 6,000 75 110 145 220 315 410 | 0020| 6,000 6,500 55 90 125 180 275 370 | 0021| 6,500 7,000 35 70 105 140 235 330 | 0022| 7,000 7,500 15 50 85 120 195 290 | 0023| 7,500 8,000 10 20 50 80 130 220 | 0024| 8,000 8,500 10 20 30 60 90 180 | 0025| 8,500 9,000 10 20 30 40 70 140 | - 3 - 0001| 9,000 9,500 10 20 30 40 60 100 | 0002| 9,500 10,000 10 20 30 40 50 80 | 0003| 10,000 10,500 10 20 30 40 50 60 | 0004| 10,500 11,000 10 20 30 40 50 60 | 0005| 11,000 11,500 10 20 30 40 50 60 | 0006| 11,500 12,000 5 10 15 20 25 30 | 0007| 12,000 12,500 5 10 15 20 25 30 | 0008| 12,500 13,000 5 10 15 20 25 30 | 0009| 13,000 13,500 5 10 15 20 25 30 | 0010| 13,500 14,000 5 10 15 20 25 30]~ | 0011| |$ 0 $ 500 $ 145 $ 180 $ 210 $ 240 $ 270 $ 350 | 0012| 500 1,000 165 225 270 320 350 450 | 0013| 1,000 1,500 165 230 290 350 390 480 | 0014| 1,500 2,000 165 230 290 350 390 495 | 0015| 2,000 2,500 165 230 290 350 390 495 | 0016| 2,500 3,000 165 230 290 350 390 495 | 0017| 3,000 3,500 165 230 290 350 390 495 | 0018| 3,500 4,000 165 230 290 350 390 495 | 0019| 4,000 4,500 165 230 290 350 390 495 | 0020| 4,500 5,000 140 180 250 330 380 470 | 0021| 5,000 5,500 115 160 200 315 370 455 | 0022| 5,500 6,000 90 135 175 265 340 435 | 0023| 6,000 6,500 80 125 165 240 330 395 | 0024| 6,500 7,000 70 110 150 220 300 370 | 0025| 7,000 7,500 70 110 150 220 300 370 | - 4 - 0001| 7,500 8,000 55 110 165 220 275 330 | 0002| 8,000 8,500 55 110 165 220 275 330 | 0003| 8,500 9,000 45 90 135 180 225 270 | 0004| 9,000 9,500 40 80 120 160 200 240 | 0005| 9,500 10,000 40 80 120 160 200 240 | 0006| 10,000 10,500 30 60 90 120 150 180 | 0007| 10,500 11,000 30 60 90 120 150 180 | 0008| 11,000 11,500 30 60 90 120 150 180 | 0009| 11,500 12,000 30 60 90 120 150 180 | 0010| 12,000 12,500 25 50 75 100 125 150 | 0011| 12,500 13,000 25 50 75 100 125 150 | 0012| 13,000 13,500 25 50 75 100 125 150 | 0013| 13,500 14,000 25 50 75 100 125 150 | 0014| 14,000 14,500 25 50 75 100 125 150 | 0015| 14,500 15,000 25 50 75 100 125 150 | 0016| 15,000 15,500 20 40 60 80 100 120 | 0017| 15,500 16,000 20 40 60 80 100 120 | 0018| 16,000 16,500 20 40 60 80 100 120 | 0019| 16,500 17,000 20 40 60 80 100 120 | 0020| 17,000 17,500 20 40 60 80 100 120 | 0021| 17,500 18,000 20 40 60 80 100 | 0022| 120|. | 0023| E. If a taxpayer's modified gross income is zero, | 0024| the taxpayer may claim a credit in the amount shown in the | 0025| first row of the table appropriate for the taxpayer's number | - 5 - 0001| of exemptions. | 0002| F. The tax rebates provided for in this section may | 0003| be deducted from the taxpayer's New Mexico income tax | 0004| liability for the taxable year. If the tax rebates exceed the | 0005| taxpayer's income tax liability, the excess shall be refunded | 0006| to the taxpayer. | 0007| G. For purposes of this section, "dependent" means | 0008| "dependent" as defined by Section 152 of the Internal Revenue | 0009| Code of 1986, as that section may be amended or renumbered, | 0010| but also includes any minor child or stepchild of the resident | 0011| who would be a dependent for federal income tax purposes if | 0012| the public assistance contributing to the support of the child | 0013| or stepchild was considered to have been contributed by the | 0014| resident." | 0015| Section 2. APPLICABILITY.--The provisions of this act | 0016| apply to taxable years beginning on or after January 1, 1998. | 0017|  |