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.

Share this post

SUNDAY JOURNAL OPINION PIECE: Public safety at crisis point; session can make improvement possible

                  The following editorial appeared in the July 14th edition of the Sunday Journal. It was written ...
Read More

A SPACE FOR COMMUNITY: City of Albuquerque identifies West Side site for proposed indoor sports complex

A site has been identified for a West Side indoor sports complex, according to a news release sent out Monday from the city of Albuquerque. ...
Read More

FUNDAMENTAL LITERACY: GACC is a finalist for Albuquerque Involved grant

The Greater Albuquerque Chamber of Commerce’s Albuquerque Reads program is a finalist for the big Albuquerque Involved grant. Voting open to Albuquerque Involved members the ...
Read More

0

Scroll to Top