SB 056: UNITARY CORPORATION COMBINED TAX REPORTING

An Act Relating To Taxation; Requiring Combined Reporting For A Unitary Corporation.

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MILD SB 056
UNITARY CORPORATION COMBINED TAX REPORTING

Legislative URL:

SB 056 on nmlegis.gov

Emergency Clause:

No

Germane:

N/A

Location:

SCORC

Action:

SPREF [1] SCORC/SFC-SCORC API.

Issue(s):

General Interest

Related Legislators

Bill Sponsor:

Peter Wirth

Related Documents

Downloads:

Introduced
Fiscal Impact Report

Summary

• 7-2A-8.3 NMSA 1978 currently provide that a unitary corporation that provides retail sales of goods in a facility of more than thirty thousand s feet under one roof (i.e. a “big-box” retailer like Target or Wal-Mart) shall file a combined return with other unitary corporations as though the entire combined net income were that of one corporation. Other unitary corporations may elect to file a combined return.

This bill would provide that, for taxable years beginning on or after January 1, 2016, all unitary corporations shall file a combined return with other unitary corporations as though the entire combined net income were that of one corporation.

One benefit of this measure might be that it could help to ensure that integrated corporations are not able to avoid New Mexico income taxes by opting out of combined reporting. Some integrated corporations may engage in business that affects water, air or land.