Throughout the week, we highlight selected developments involving state tax legislative, judicial, and administrative matters. The alerts provide a brief summary of specific multistate developments relevant to taxpayers, tax professionals, and other interested persons. Read the recent alerts below or visit the archive.
New Mexico enacts flat corporate income tax rate and taxes Subpart F income On March 6, 2024, New Mexico’s governor signed House Bill 252 (H.B. 252) into law. This legislation enacts a flat corporate income tax rate of 5.9% effective January 1, 2025, updates the definition of the corporate income tax base to include Subpart F income, introduces several changes to the gross receipts tax, and includes some individual income tax changes to rates of tax and tax thresholds for the state’s graduated individual income tax.
This Multistate Tax Alert summarizes some of the corporate income tax and gross receipts tax related provisions in H.B. 252. [Issued: March 8, 2024] More
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