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Saturday, January 30, 2010

Income Surtax Delayed by Panel

By Dan Boyd
Journal Capitol Bureau
          Consideration of a bill that would impose a 1 percent surtax on the taxable income of high-earning New Mexicans was delayed Friday by a House committee.
        However, Rep. Edward Sandoval, D-Albuquerque, the chairman of the House Revenue and Taxation Committee, said House Bill 9 will be debated by the committee on Monday.
        If enacted, the measure would generate an estimated $44 million in the coming year.
        It would levy a 5.9 percent income tax rate on single New Mexicans earning at least $133,000 annually in taxable income for a three-year period.
        The threshold would be $100,000 or more per year for married people filing separate returns and $200,000 annually for married couples filing joint returns.
        The surtax is one of several tax increases being pushed by House Democratic leaders, who are seeking to generate about $300 million in recurring revenue through tax hikes.
       

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