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Carry-over boosted to 20 years from five
In a victory for NFIB’s lobbying efforts, Gov. Susana Martinez signed Senate Bill 106 into law March 10.
According to a news release issued by her office, “Senate Bill 106 extends the time a business can carry over a net operating loss from five to 20 years, making New Mexico more competitive with neighboring states.”
The bill also aligns the state’s tax code on the carry-over time with the federal government’s, according to NFIB State Director Minda McGonigle, who lobbied for the bill’s merging with another and its eventual passage. “I’d like to thank Sens. Clemente Sanchez and Carroll Leavell for their work in giving small businesses the same tax tool as big businesses to make New Mexico a little more attractive to set up shop in and start hiring people.”