LegalFix
Sign In

Section 7-2A-5 - Corporate income tax rates. (Effective January 1, 2020.)

NM Stat § 7-2A-5 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be:

If the taxable income is:

The tax shall be:

Not over $500,000

4.8% of taxable income

Over $500,000

$24,000 plus 5.9% of excess over

$500,000."

History: 1978 Comp., § 7-2A-5, enacted by Laws 1981, ch. 37, § 38; 1981, ch. 176, § 1; 1983, ch. 213, § 8; 1986, ch. 20, § 36; 1987, ch. 277, § 5; 2013, ch. 160, § 3; 2019, ch. 270, § 18.

The 2019 amendment, effective January 1, 2020, revised corporate income tax rates and corporate income tax brackets; in the introductory clause, after "shall be:", deleted "at the rates specified in the following tables:"; deleted former Subsections A through E, subsection designation "F." and the language "for taxable years beginning on or after January 1, 2018"; and preceding each occurrence of "income", deleted "net" and added "taxable".

Applicability. — Laws 2019, ch. 270, § 59 provided that the provisions of Sections 16 through 22 and 58 of Laws 2019, ch. 270 apply to taxable years beginning on or after January 1, 2020.

Previous Section
Section 7-2A-5 - Corporate income tax rates.
Next Section
Section 7-2A-5.1 - Corporate franchise tax amount.