New Mexico State House Passes Advance Bill To Lower Income Taxes And Reign In Tax Break Investments

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A proposed bill that would deduct income taxes and collect more taxes on investment income has passed the Democratic-led New Mexico state House.

New Mexico State House Receives The Advance Bill To Lower Income Taxes And Control In Tax Break Investments
New Mexico State House Passes The Advance Bill To Lower Income Taxes And Control In Tax Break Investments And Moves To The Senate For Deliberation  (Photo: AP News)

 

A new bill passed at the New Mexico State House that will deduct income taxes

At the New Mexico State House, a bill that would cut personal income taxes across taxpayers’ earnings and collect more taxes on investment income passed last Wednesday. The broad package of tax changes won New Mexico State House endorsement on a 48-21 vote and now moves to the Senate for approval.

The New Mexico State House would forgo about $105 million yearly through adjustments to personal income tax rates and brackets while increasing collection taxes on investment income. All income taxpayers would see a cut, with the greatest savings especially to middle-income earners.

The bill from Democratic state Rep. Derrick Lente, of Sandia Pueblo that passed in the New Mexico State House includes tax credits and deductions aimed at shoring up the medical employees in remote rural areas and removing the burden on childcare and preschool breadwinners.

The bill passed at the New Mexico State House will be a great help, especially to middle-class earners

The bill passed at the New Mexico State House would incentivize the construction of large-scale energy storage projects and reduce local government taxes on the facilities through industrial revenue bonds.

The bill passed at the New Mexico State House reduces a cap on capital gains tax exemptions to $2,500 that overwhelmingly benefits the state’s highest earners and changes for businesses would set a flat 5.9% rate for the corporate income tax at companies with less than $500,00 in annual income.

Read Also: Check IRS Tax Refund Status: Use The Where’s My Refund Tool To Track And Know If Tax Refund Approved Or Not!

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