Tax Reform

Following a failed attempt last session, the Senate and House tax committees held a joint hearing and collaborated on putting together this year’s tax package, with each chamber contributing elements. A few of the key features included a revamping of the personal income tax brackets, lowering taxes to middle- and low-income taxpayers without raising anyone’s taxes; extension of the Angel Investment tax credit; lifting the sunset clause on the military retiree pay exemption; providing tax credits for purchase of EV’s; providing tax credits for manufacture of the equipment needed to produce advanced energy technologies; and, extending the GRT credit for medical services to include copayments and other reimbursements.

One provision that hurts capital formation and investment is the virtual elimination of the capital gains deduction. From the current 40%, now only $2,500 may be deducted unless the sale of a New Mexico business is involved. In that case, the first $1 million may be deducted, a provision aimed at especially helping New Mexico’s small businesses.

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