[LWVNM Action] Summary of HB547 - Omnibus Tax & Revenue bill - A great winn

[Richard Mason]

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 priorit*y

 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*
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.swcp.com/pipermail/action/attachments/20230306/49b850af/attachment.htm>