This goes a long way to promoting progressivity & fairness in our tax system
AMENDING INCOME TAX BRACKETS PURSUANT TO THE INCOME TAX ACT; - LWVNM priority
PROVIDING FOR THE INDEXING OF MODIFIED GROSS INCOME FOR
PURPOSES OF DETERMINING THE AMOUNT OF THE LOW-INCOME
COMPREHENSIVE TAX REBATE; - This was unexpected and would have been a LWVNM priority had it been introduced as a separate bill
EXTENDING THE SUNSET DATE FOR AN
INCOME TAX EXEMPTION FOR ARMED FORCES RETIREMENT PAY;
AMENDING
PROVISIONS OF THE RURAL HEALTH CARE PRACTITIONER TAX CREDIT; - good health for health care
INCREASING AND INDEXING THE AMOUNT OF THE CHILD INCOME TAX
CREDIT FOR CERTAIN TAXPAYERS; - LWVNM priority
LIMITING THE CAPITAL GAINS
DEDUCTION FROM NET INCOME;- LWVNM priority
PROVIDING ADDITIONAL 2021 INCOME TAX
REBATES; -
CREATING THE ELECTRIC VEHICLE INCOME TAX CREDIT;
CREATING THE ELECTRIC VEHICLE CHARGING UNIT INCOME TAX CREDIT; - LWVNM supported
CREATING THE ENERGY STORAGE SYSTEM INCOME TAX CREDIT; - LWVNM supported
CREATING
A FLAT CORPORATE INCOME TAX RATE; REQUIRING ALL BUSINESS INCOME
TO BE APPORTIONED BY THE SINGLE SALES FACTOR; - LWVNM Priority
PROVIDING A TEMPORARY EXCEPTION TO THE NEW APPORTIONMENT REQUIREMENTS;
REDUCING THE RATES OF THE GROSS RECEIPTS TAX AND THE
COMPENSATING TAX;
CREATING GROSS RECEIPTS TAX DEDUCTIONS FOR
THE SALE OF CHILD CARE ASSISTANCE THROUGH A LICENSED CHILD CARE
ASSISTANCE PROGRAM AND PRE-KINDERGARTEN SERVICES BY FOR-PROFIT
PRE-KINDERGARTEN PROVIDERS;
CREATING A GROSS RECEIPTS TAX
DEDUCTION FOR ENVIRONMENTAL MODIFICATION SERVICES MADE TO THE
HOMES OF MEDICAID RECIPIENTS;
AMENDING THE INDUSTRIAL REVENUE
BOND ACT AND THE COUNTY INDUSTRIAL REVENUE BOND ACT TO INCLUDE
CERTAIN ELECTRIC ENERGY STORAGE FACILITIES AS ELIGIBLE
PROJECTS; - LWVNM supported ???
REQUIRING MUNICIPALITIES AND COUNTIES THAT ACQUIRE
ENERGY STORAGE FACILITY PROJECTS TO PROVIDE PAYMENT-IN-LIEU-OF
TAXES PAYMENTS TO SCHOOL DISTRICTS; LWVNM supported
AMENDING DISTRIBUTIONS OF
THE MOTOR VEHICLE EXCISE TAX;
INCREASING THE LIQUOR EXCISE TAX
RATE ON CERTAIN ALCOHOLIC BEVERAGES; DISTRIBUTING A PORTION OF
THE REVENUE FROM THE LIQUOR EXCISE TAX TO A NEW ALCOHOL HARMS
ALLEVIATION FUND; - LWVNM supported
INCREASING THE TOBACCO PRODUCTS TAX ON
CIGARS.- LWVNM supported