Brad Close President | NFIB New Mexico
Brad Close President | NFIB New Mexico
In a recent virtual event organized by NFIB's New Mexico State Director, Jason Espinoza, members of the NFIB had the chance to hear from tax expert Marcus Mims. Mims, a principal at CliftonLarsonAllen, discussed New Mexico's new pass-through entity tax election.
The initiative aims to mitigate potential negative tax outcomes stemming from the federal Tax Cuts and Jobs Act (TCJA) of 2017. This act imposed a $10,000 cap on state and local tax deductions (SALT) at the federal income tax level.
Last year, NFIB in New Mexico successfully pushed for legislation that offers small business owners an elective option. This measure ensures that beneficial federal tax reforms do not adversely affect their state tax obligations.
During the event, Espinoza reminded attendees of NFIB's advocacy for small business owners in the state capital. He encouraged members to stay engaged with their lawmakers.
Mims emphasized the importance of consulting with tax professionals and maintaining communication with business partners about tax options. He noted that each small business has unique structures and state tax situations:
“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.”
For those interested in more details or who have additional questions, resources are available through links provided by NFIB.
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