Sat Mar 8 5:04PM - 13 days, 17 hours left in session

Senate Bill 140

Certain Income Tax Exemptions [view on nmlegis.gov]

Financial Analysis: FIR


Sponsor
Sen. Harold Pope 23 Bernalillo

Status
STBTC ❓Was scheduled for Mar 4. No vote recorded. Presumed stalled.
SFC

"Official" History

This is the official nmlegis action history. I'm doing my best to translate the LONG/WEIRD-STRING to something less gibberishy. And before you ask, no, the "Legis Day" number has no mapping to the real world.

Actions: [2] STBTC/SFC-STBTC

Legis DayActionDetails
2 referred STBTC/SFC
2 sent STBTC

This table shows bill actions detected on Ed's system, using heuristics that may not be 100% accurate and which may not reflect the "official" nmlegis chronology. It is probably more than you care to know.

Jan 23 filed: [Prefiled by Harold Pope; not yet on nmlegis]
[new]
sent to STBTC
title: '[prefiled by Harold Pope; Not Yet on Nmlegis]' -> 'Certain Income Tax Exemptions'
actions: 'SPREF' -> '[2] STBTC/SFC-STBTC'
new sponsor: Harold Pope
Mar 3 scheduled for STBTC on Tue Mar 4, 13:30

SENATE BILL 140

57th legislature - STATE OF NEW MEXICO - first session, 2025

INTRODUCED BY

Harold Pope

 

 

 

 

 

AN ACT

RELATING TO TAXATION; PROVIDING AN INCOME TAX EXEMPTION FOR INDIVIDUALS WITH CERTAIN INCOMES.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] EXEMPTION--INDIVIDUALS WITH CERTAIN INCOMES.--Income of the following is exempt from state income taxation:

          A. single individuals with modified gross income less than or equal to forty thousand dollars ($40,000);

          B. married individuals filing separate returns with modified gross income less than or equal to thirty thousand dollars ($30,000); and

          C. married individuals filing joint returns with modified gross income less than or equal to sixty thousand dollars ($60,000)."

     SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2025.

- 2 -

Legislators: Democratic sponsorship Republican sponsorship Bipartisan sponsorship This indicates your legislator
(Highlights bills they sponsor, committees they sit in)
Bill Rows: Active -- hearings scheduled (NN) - sequence number in agenda Inactive -- no hearings scheduled
Bill Progress: Passed Failed Vote Tabled
Incomplete Data: Heard(?)
(was scheduled for hearing recently)		 Heard Long Ago
(was scheduled for hearing many days ago)		 (There is very little I can do about these because nmlegis.gov does not report real-time results)

This site pulls data from nmlegis.gov but is in no way associated with that site or the state of New Mexico. It's just a labor of love by Ed.

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