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New Mexico Statutes Chapter 7. Taxation § 7-1-36. Property exempt from levy

Current as of May 06, 2021 | Updated by FindLaw Staff

A. There shall be exempt from levy the money or property of a delinquent taxpayer in a total amount or value not in excess of one thousand dollars ($1,000).

B. In addition to the property exempt under Subsection A of this section, there shall also be exempt from levy on an employer of the taxpayer the greater of the following portions of the taxpayer's disposable earnings:

(1) seventy-five percent of the taxpayer's disposable earnings for any pay period; or

(2) an amount each week equal to forty times the minimum wage rate pursuant to Subsection A of Section 50-4-22 NMSA 1978. The superintendent of regulation and licensing shall provide a table giving equivalent exemptions for pay periods of other than one week.

C. As used in this section, “disposable earnings” means that part of a taxpayer's wages or salary remaining after deducting the amounts that are required by law to be withheld.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-1-36. Property exempt from levy - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-1-36/

Read this complete New Mexico Statutes Chapter 7. Taxation § 7-1-36. Property exempt from levy on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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