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2024 New Mexico Statutes
Chapter 7 - Taxation
Article 2 - Income Tax General Provisions
Section 7-2-5.14 - Exemption; social security income.

Universal Citation:
NM Stat § 7-2-5.14 (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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An individual may claim an exemption in an amount equal to the amount included in adjusted gross income pursuant to Section 86 of the Internal Revenue Code, as that section may be amended or renumbered, of income includable except for this exemption in net income; provided that the individual's adjusted gross income shall not exceed:

A. seventy-five thousand dollars ($75,000) for married individuals filing separate returns;

B. one hundred fifty thousand dollars ($150,000) for heads of household, surviving spouses and married individuals filing joint returns; and

C. one hundred thousand dollars ($100,000) for single individuals.

History: Laws 2022, ch. 47, § 7.

ANNOTATIONS

Effective dates. — Laws 2022, ch. 47, § 7 was effective May 18, 2022, 90 days after adjournment of the legislature.

Applicability. — Laws 2022, ch. 47, § 16 provided that the provisions of Laws 2022, ch. 47, § 7 apply to taxable years beginning on or after January 1, 2022.

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