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  1. 2024 N.M. Stat. (here)
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2024 New Mexico Statutes
Chapter 7 - Taxation
Article 2 - Income Tax General Provisions
Section 7-2-5.13 - Exemption; armed forces retirement pay. (Effective January 1, 2025.)

Universal Citation:
NM Stat § 7-2-5.13 (2024)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.
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A. An individual who is an armed forces retiree or the surviving spouse of an armed forces retiree may claim an exemption in an amount equal to thirty thousand dollars ($30,000) of armed forces retirement pay includable, except for this exemption, in net income.

B. As used in this section, "armed forces retiree" means a former member of the armed forces of the United States who has qualified by years of service or disability to separate from military service with lifetime benefits.

History: Laws 2022, ch. 47, § 6; 2024, ch. 67, § 32.

ANNOTATIONS

The 2024 amendment, effective January 1, 2025, removed the sunset date on the armed forces retirement pay exemption, and allowed surviving spouses of armed forces retirees to claim the exemption; in Subsection A, after the first occurrence of "armed forces retiree", added "or the surviving spouse of an armed forces retiree", after "may claim an exemption in", deleted "in the following amounts" and added "an amount equal to thirty thousand dollars ($30,000)", after "of", deleted "military" and added "armed forces"; and deleted Paragraphs A(1) through A(3).

Applicability. — Laws 2024, ch. 67, § 42 provided that the provisions of Laws 2024, ch. 67, §§ 5, 8, 10 and 32 through 37 apply to taxable years beginning on or after January 1, 2025.

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