New Mexico Gov. Susana Martinez has vetoed a bill that would have reduced the highest corporate income tax rate and required combined reporting for certain unitary retail businesses. If enacted, the bill would have reduced the corporate income tax rate for taxpayers with net income over $1 million from 7.6% to 7.5%. In addition, unitary corporations with more than 30,000 square feet of retail space under one roof in New Mexico (i.e., “big box” retailers) would have been required to file a combined return (combined reporting is currently optional for all unitary corporations). The changes would have applied to taxable years beginning in 2013 and thereafter.
S.B. 9, vetoed by Gov. Susana Martinez on March 6, 2012