The recently concluded 2013 regular session of the New Mexico Legislature resulted in legislation enacting several significant changes to New Mexico’s tax programs, the majority of which are business friendly. Most of the legislation was promoted as making New Mexico more attractive to new investment that will retain and create new jobs for New Mexicans. The effect or potential effect of the legislative changes will vary depending on business-specific facts. New Mexico taxpayers or those considering investing in or doing business in New Mexico in the future should evaluate the changes outlined below to determine the impact, if any, on their business model.
I. INCOME/FRANCHISE TAXES
The 2013 New Mexico Legislature saw considerable activity intended to make New Mexico’s corporate income tax more competitive with that imposed by other states. Much of the legislation passed was part of an economic development package advanced by Governor Martinez’s administration found in what became an omnibus tax bill, House Bill 641, put together in a chaotic last 18 hours of the session in mid- March.
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