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

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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.


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