2006 New Mexico Statutes - Section 7-2-5.2 — Exemption; income of persons sixty-five and older or blind.
7-2-5.2. Exemption; income of persons sixty-five and older or blind.
Any individual sixty-five years of age or older or who, for federal income tax purposes, is blind may claim an exemption in an amount specified in Subsections A through C of this section not to exceed eight thousand dollars ($8,000) of income includable except for this exemption in net income. Individuals having income both within and without this state shall apportion this exemption in accordance with regulations of the secretary:
A. for married individuals filing separate returns, for any taxable year beginning on or after January 1, 1987:
If adjusted
gross income is: The maximum amount of
exemption allowable under
this section shall be: Not over $15,000 $8,000 Over $15,000 but not over $16,500 $7,000 Over $16,500 but not over $18,000 $6,000 Over $18,000 but not over $19,500 $5,000 Over $19,500 but not over $21,000 $4,000 Over $21,000 but not over $22,500 $3,000 Over $22,500 but not over $24,000 $2,000 Over $24,000 but not over $25,500 $1,000 Over $25,500 0.
B. for heads of household, surviving spouses and married individuals filing joint returns, for any taxable year beginning on or after January 1, 1987:
If adjusted
gross income is: The maximum amount of
exemption allowable under
this section shall be: Not over $30,000 $8,000 Over $30,000 but not over $33,000 $7,000 Over $33,000 but not over $36,000 $6,000 Over $36,000 but not over $39,000 $5,000 Over $39,000 but not over $42,000 $4,000 Over $42,000 but not over $45,000 $3,000 Over $45,000 but not over $48,000 $2,000 Over $48,000 but not over $51,000 $1,000 Over $51,000 0.
C. for single individuals, for any taxable year beginning on or after January 1, 1987:
If adjusted
gross income is: The maximum amount of
exemption allowable under
this section shall be: Not over $18,000 $8,000 Over $18,000 but not over $19,500 $7,000 Over $19,500 but not over $21,000 $6,000 Over $21,000 but not over $22,500 $5,000 Over $22,500 but not over $24,000 $4,000 Over $24,000 but not over $25,500 $3,000 Over $25,500 but not over $27,000 $2,000 Over $27,000 but not over $28,500 $1,000 Over $28,500 0.
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