New Mexico State Director Jason Espinoza joins tax expert Marcus Mims in a virtual event to explain options related to New Mexico's new pass-through entity tax election.
In a virtual event hosted by NFIB’s New Mexico State Director Jason Espinoza, NFIB members had the opportunity to hear from tax expert Marcus Mims, a principal at CliftonLarsonAllen regarding New Mexico’s new pass-through entity tax election.
The new pass-through entity is intended to address or “work-around” potential negative tax outcomes resulting from the federal Tax Cuts and Jobs Act (TCJA) of 2017, which capped the state and local tax deduction (SALT) to $10,000 at the federal income tax level.
NFIB in New Mexico successfully advocated for state legislation last year to provide small business owners an elective option to ensure that beneficial federal tax reform wouldn’t negatively impact their state tax obligations.
During the event, Espinoza reminded participants that NFIB fights on behalf of small business owners in the state capital and encouraged members to remain engaged with their lawmakers.
At the end of his presentation, Mims reinforced the importance of seeking out expertise from tax professionals and communicating with business partners on tax options because small business’ structure and state tax situation is different and will be uniquely affected:
“Make sure you are consulting with your tax advisors and getting all the information to your advisors and so they can support you through this process.”
CLICK HERE to watch the full virtual event. CLICK HERE for more information provided by the New Mexico Department of Taxation and Revenue.
For more information on the 2023 Legislative Session, CLICK HERE. If you have additional questions, send Espinoza an email.
