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New Mexico Statutes Chapter 7. Taxation § 7-2-5.13. Exemption; armed forces retirement pay

Current as of January 01, 2024 | Updated by FindLaw Staff

A. An individual who is an armed forces retiree may claim an exemption in the following amounts of military retirement pay includable, except for this exemption, in net income:

(1) for taxable year 2022, ten thousand dollars ($10,000);

(2) for taxable year 2023, twenty thousand dollars ($20,000); and

(3) for taxable years 2024 through 2026, thirty thousand dollars ($30,000).

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.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-2-5.13. Exemption; armed forces retirement pay - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-2-5-13/

Read this complete New Mexico Statutes Chapter 7. Taxation § 7-2-5.13. Exemption; armed forces retirement pay on Westlaw. Westlaw subscription required.

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