A TAX BILL THAT MADE IT THROUGH THE RECENTLY-ENDED LEGISLATIVE SESSION WITH APPROVAL IS SAID TO BE GOOD FOR NEW MEXICO FAMILIES. CHANNEL 7 NEWS REPORTS IT HAS THREE PROVISIONS SAID TO BE GOOD FOR FAMILIES.
THE FIRST PROVISION IS THE WORKING FAMILIES TAX CREDIT. HOUSE BILL 6, AS IT’S CALLED, WILL OFFSET THE CHANGES MADE BY THE TRUMP ADMINISTRATION AND BRING BACK THE EXEMPTIONS. THE SECOND ITEM CONCERNS TAXABLE INTERNET SALES, WHERE YOU’LL HAVE TO PAY THE SALES TAX THAT GOES TO NEW MEXICO. THE THIRD PROVISION IS CONSIDERED ODD, THOUGH. IT HIKES THE INCOME TAX RATE FOR NEW MEXICO’S HIGHEST EARNERS TO 5-POINT-9 PERCENT … BUT DOESN’T TAKE EFFECT UNTIL 2022 AND ALSO WON’T TAKE EFFECT IF GROSS RECEIPTS TAX REVENUE DROPS BELOW A CERTAIN LEVEL.
