New Mexico rejected several of the primary corporate tax breaks in President Donald Trump’s signature tax law but adopted provisions permitting the state to go after a bigger slice of foreign income.
The corporate income tax changes were tucked into an omnibus tax bill (SB 151) signed Wednesday by Gov. Michelle Lujan Grisham (D). The bill included several additional features, including new state tax credit and exemption programs benefiting local news organizations, physicians, and developers of affordable housing.
New Mexico is a rolling conformity state, which means it automatically adopts changes to the Internal Revenue Code, absent legislative ...