SB 013: CORPORATE INCOME TAX RATES AND REPORTING

An Act Relating To Taxation; Reducing Corporate Income Tax Rates; Requiring Combined Reporting For Certain Unitary Corporations.

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MILD SB 013
CORPORATE INCOME TAX RATES AND REPORTING

Legislative URL:

SB 013 on nmlegis.gov

Emergency Clause:

No

Germane:

N/A

Location:

- OTHER -

Action:

SPREF [1] SCORC/SFC-SCORC [24] DNP-CS/w/o rec-SFC [44] (Succeeding entries: S 538).

Issue(s):

Related Legislators

Bill Sponsor:

Peter Wirth

Related Documents

Downloads:

Introduced
SCORC Committee Report
SCORC Committee Substitute
Fiscal Impact Report
LESC Analysis

Summary

Senate Bill 13 reduces corporate income tax rates and makes combined or consolidated reporting for unitary corporations doing business in New Mexico mandatory rather than optional, as current law provides. One benefit of this measure might be that it could help to ensure that integrated corporations do not avoid New Mexico income taxes by opting out of combined reporting. Some integrated corporations may engage in business that affects water, air or land in some way.

Update: The SCORC Committee Substitute adopted on March 4, 2013 limits the reporting requirements mandatory only for corporations “that provides retail sales of goods in a facility of more than thirty thousand square feet under one roof,” commonly referred to in this context as the big-box retailers like Target and Wal-Mart. One concern with this change might be that it may not apply to corporations that engage in activity that affect land, air and water, such as mining companies.

Outcome: SB 13 was rolled into HB 641, the omnibus tax bill. HB 641 passed the House (35-28) and passed the Senate (34-8) and was signed by the Governor on April 4, 2013.

Date of Summary:  1/16/13, Updated 3/5/13, Updated 5/20/13