HB 491: REDUCE MULTIPLE TAX RATES

An Act Relating To Taxation; Reducing The Rate Of The Corporate Income Tax, Gross Receipts Tax, Governmental Gross Receipts Tax, Compensating Tax, Motor Vehicle Excise Tax, Leased Vehicle Gross Receipts Tax, Municipal Gross Receipts Tax And The Tax On Boats; Amending, Repealing And Enacting Certain Credits, Deductions And Exemptions Pursuant To The Income Tax Act, The Corporate Income And Franchise Tax Act And The Gross Receipts And Compensating Tax Act; Repealing The Estate Tax Act, Certain Local Option Gross Receipts Taxes, The Supplemental Municipal Gross Receipts Tax Act, The Local Hospital Gross Receipts Tax Act, The County Correctional Facility Gross Receipts Tax Act And The Special County Hospital Gasoline Tax Act; Replacing County Obligations To The County-supported Medicaid Fund And Safety Net Care Pool Fund With State Obligations; Providing Temporary Amnesty From Penalties And Interest On Taxes Not Paid; Providing That The Repeal Of Certain Taxes Shall Not Impair Outstanding Bonds Or Loan Guarantees; Amending, Repealing And Enacting Sections Of The Nmsa 1978; Making An Appropriation.

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