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Key Votes

SB 24 - Tax Rebate - Key Vote

New Mexico Key Votes

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Tax Rebate

Legislation - Concurrence Vote Passed (Senate) -
Legislation - Bill Passed With Amendment (House) (51-16) - (Key vote)

Title: Tax Rebate

Vote Smart's Synopsis:

Vote to pass a bill that appropriates $750,000 to the Taxation and Revenue Department to provide New Mexico taxpayers with an income tax credit for the 2007 taxable year, depending upon their adjusted gross income.

Highlights:
- Sets the tax credit allowed for married taxpayers filing jointly according to the following adjusted gross incomes [sec. 1 (C) (1)]:
    - Less than $30,000: $100, plus $50 for each dependent; - Between $30,000 and $50,000: $80, plus $40 for each dependent; - Between $50,000 and $70,000: $50, plus $25 for each dependent; and - More than $70,000: $0.
- Sets the tax credit allowed for single taxpayers according to the following adjusted gross incomes [sec. 1 (C) (2)]:
    - Less than $30,000: $50, plus $50 for each dependent; - Between $30,000 and $50,000: $40, plus $40 for each dependent - Between $50,000 and $70,000: $25, plus $25 for each dependent; and - More than $70,000: $0.
Legislation - Bill Passed (Senate) (36-2) - (Key vote)

Title: Tax Rebate

Vote Smart's Synopsis:

Vote to pass a bill that appropriates $750,000 to the Taxation and Revenue Department to provide New Mexico taxpayers with an income tax credit for the 2007 taxable year, depending upon their adjusted gross income.

Highlights:
- Sets the tax credit allowed for married taxpayers filing jointly according to the following adjusted gross incomes [sec. 1 (C) (1)]:
    - Less than $30,000: $100, plus $50 for each dependent; - Between $30,000 and $50,000: $80, plus $40 for each dependent; - Between $50,000 and $70,000: $50, plus $25 for each dependent; and - More than $70,000: $0.
- Sets the tax credit allowed for single taxpayers according to the following adjusted gross incomes [sec. 1 (C) (2)]:
    - Less than $30,000: $50, plus $50 for each dependent; - Between $30,000 and $50,000: $40, plus $40 for each dependent - Between $50,000 and $70,000: $25, plus $25 for each dependent; and - More than $70,000: $0.
Note:

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Legislation - Introduced (Senate) -

Title: Tax Rebate

Sponsors

  • Bernadette M. Sanchez (NM - D) (Out Of Office)
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