Vote Smart's Synopsis:

Vote to pass a bill that establishes a 4.9 percent flat rate income tax and provides tax credits.

Highlights:

- Provides counties with populations between 30,000 and 60,000 with a monthly amount of $20,750 from the liquor excise tax to be applied to alcohol treatment and rehabilitation for the homeless population [Sec. 1 (B)]. - Requires taxpayers to file state taxes under the same status as they did for federal taxes [sec. 18 (B)]. - Exempts business administrative costs for providing benefit administrative services from the gross receipts tax. "Benefit administrative services" is defined as providing human resources outsourcing administration and services, including payroll, performance improvement consulting, benefits expertise and comprehensive benefit management services (Sec. 30). - Gives a tax credit to employers of 32 or less employees who provide qualified wellness programs equal to 50 percent of the costs of the program, as long as it does not exceed $150 per employee. Such programs advocate health awareness, health tracking, assistance with lifestyle changes, and a supportive environment (Secs. 25 & 28). - Gives a tax credit against the liability imposed by the income tax not to exceed $500 to New Mexico 2012 volunteers: math, science and engineering experts who volunteer to teach and mentor public school students (Sec. 27 & Sec. 33). - Allows Medicaid patients to deduct the cost of services performed by a dentist or dental hygienist from the gross receipts tax that are not otherwise deductible (Sec. 29). - Gives a tax credit of up to $1,250 for the purchase and installation of a liquid waste water treatment system that complies with the regulations of the department of environment (Sec. 26). - Exempts revenue derived from refereeing, umpiring, scoring or other athletic officiating at sporting events sponsored by local or state government or non-profit organizations from the gross receipts tax (Sec. 32). - This is a substitute bill sponsored by the House Committee Taxation and Revenue.

Full Bill Text