New Mexico - New laws provide comprehensive tax reform and deadline extensions

April 2013

Overview

On April 4, 2013, New Mexico Governor Susana Martinez signed H.B. 641, enacting numerous significant corporate income tax changes, including: (1) reducing the corporate income tax rate; (2) requiring combined reporting for 'big box’ retailers; (3) allowing a single sales factor apportionment election for manufacturers (including the elimination of throwback for those making the election); (4) enhancing the film production credit; and (5) narrowing the high wage jobs tax credit. [H.B. 641, including Senate Floor Amendment #1]

On March 21, 2013, the governor signed H.B. 299, which makes the following changes: (1) taxpayers amending returns as a result of an IRS action have 180 days to file instead of 90 days; (2) the protest period is increased from 30 days to 90 days; and (3) interest on overpayments begins accruing on the date of the overpayment rather than the date of a claim.

Contact us

Peter Michalowski
National SALT Practice Leader
Tel: +1 (646) 471 5259
Email

Follow us