New Mexico SB151 modifies corporate income tax definitions and apportionment rules, effective for taxable years beginning after January 1, 2027.
New Mexico SB151 amends the Corporate Income and Franchise Tax Act to redefine "base income" for corporate tax purposes, aligning it with federal inclusion of certain income from controlled foreign corporations. It also modifies the apportionment rules for business income, allowing certain corporations to apportion income based on sales factors. The bill specifies new definitions for terms like "controlled foreign corporation," "net operating loss carryover," and "filing group," and it adjusts the apportionment of business income by introducing new factors.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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