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New Mexico Statutes Chapter 7. Taxation § 7-2-5.2. Exemption; income of persons sixty-five and older or blind

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

Any individual sixty-five years of age or older or who, for federal income tax purposes, is blind may claim an exemption in an amount specified in Subsections A through C of this section not to exceed eight thousand dollars ($8,000) of income includable except for this exemption in net income. Individuals having income both within and without this state shall apportion this exemption in accordance with regulations of the secretary:

A. for married individuals filing separate returns, for any taxable year beginning on or after January 1, 1987:

If adjusted gross income is:

The maximum amount of exemption allowable
under this section shall be:

Not over $15,000

$8,000

 

Over $15,000 but not over $16,500

$7,000

 

Over $16,500 but not over $18,000

$6,000

 

Over $18,000 but not over $19,500

$5,000

 

Over $19,500 but not over $21,000

$4,000

 

Over $21,000 but not over $22,500

$3,000

 

Over $22,500 but not over $24,000

$2,000

 

Over $24,000 but not over $25,500

$1,000

 

Over $25,500

0.

B. for heads of household, surviving spouses and married individuals filing joint returns, for any taxable year beginning on or after January 1, 1987:

If adjusted gross income is:

The maximum amount of exemption allowable
under this section shall be:

Not over $30,000

$8,000

 

Over $30,000 but not over $33,000

$7,000

 

Over $33,000 but not over $36,000

$6,000

 

Over $36,000 but not over $39,000

$5,000

 

Over $39,000 but not over $42,000

$4,000

 

Over $42,000 but not over $45,000

$3,000

 

Over $45,000 but not over $48,000

$2,000

 

Over $48,000 but not over $51,000

$1,000

 

Over $51,000

0.

C. for single individuals, for any taxable year beginning on or after January 1, 1987:

If adjusted gross income is:

The maximum amount of exemption allowable
under this section shall be:

Not over $18,000

$8,000

 

Over $18,000 but not over $19,500

$7,000

 

Over $19,500 but not over $21,000

$6,000

 

Over $21,000 but not over $22,500

$5,000

 

Over $22,500 but not over $24,000

$4,000

 

Over $24,000 but not over $25,500

$3,000

 

Over $25,500 but not over $27,000

$2,000

 

Over $27,000 but not over $28,500

$1,000

 

Over $28,500

0

.
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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-2-5.2. Exemption; income of persons sixty-five and older or blind - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-2-5-2/

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