New Mexico Bill Would Require Combined Reporting, Broaden Personal Tax Brackets

New Mexico legislation has been introduced that would, among other changes:

– require corporate income tax combined reporting and implement market-based sourcing; and

– broaden personal income tax brackets and add a new top rate of 6.5% (currently, 4.9%).

If enacted, the changes would be effective beginning in tax years starting on or after January 1, 2020.

H.B. 6, as introduced in the New Mexico House of Representatives on January 17, 2019

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CCHTaxGroup

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