New Mexico Statutes Chapter 7. Taxation § 7-2-34. Deduction; net capital gain income

A. Except as provided in Subsection C of this section, a taxpayer may claim a deduction from net income in an amount equal to the greater of:

B. Married individuals who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the deduction provided by this section that would have been allowed on the joint return.

C. A taxpayer may not claim the deduction provided in Subsection A of this section if the taxpayer has claimed the credit provided in Section 7-2D-8.1 NMSA 1978.

D. As used in this section, “net capital gain” means “net capital gain” as defined in Section 1222 (11) of the Internal Revenue Code.