45th legislature - STATE OF NEW MEXICO - first session, 2001
RELATING TO TAXATION; INCREASING AND EXPANDING THE EXEMPTION AMOUNTS ON NET INCOME ALLOWABLE TO INDIVIDUALS SIXTY-FIVE AND OLDER OR BLIND.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 7-2-5.2 NMSA 1978 (being Laws 1985, Chapter 114, Section 1, as amended) is amended to read:
"7-2-5.2. EXEMPTION--INCOME OF PERSONS SIXTY-FIVE AND
OLDER OR BLIND.--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)] ten thousand dollars ($10,000) 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] 2001:
The maximum amount of
If adjusted exemption allowable under
gross income is: 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.]
Not over $20,000 $10,000
Over $20,000 but not over $21,500 $ 9,000
Over $21,500 but not over $23,000 $ 8,000
Over $23,000 but not over $24,500 $ 7,000
Over $24,500 but not over $26,000 $ 6,000
Over $26,000 but not over $27,500 $ 5,000
Over $27,500 but not over $29,000 $ 4,000
Over $29,000 but not over $30,500 $ 3,000
Over $30,500 but not over $32,000 $ 2,000
Over $32,000 but not over $33,500 $ 1,000
Over $33,500 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] 2001:
The maximum amount of
If adjusted exemption allowable under
gross income is: 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.]
Not over $40,000 $10,000
Over $40,000 but not over $43,000 $ 9,000
Over $43,000 but not over $46,000 $ 8,000
Over $46,000 but not over $49,000 $ 7,000
Over $49,000 but not over $52,000 $ 6,000
Over $52,000 but not over $55,000 $ 5,000
Over $55,000 but not over $58,000 $ 4,000
Over $58,000 but not over $61,000 $ 3,000
Over $61,000 but not over $64,000 $ 2,000
Over $64,000 but not over $67,000 $ 1,000
Over $67,000 0.
C. For single individuals, for any taxable year
beginning on or after January 1, [1987] 2001:
The maximum amount of
If adjusted exemption allowable under
gross income is: 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.]
Not over $24,000 $10,000
Over $24,000 but not over $26,000 $ 9,000
Over $26,000 but not over $28,000 $ 8,000
Over $28,000 but not over $30,000 $ 7,000
Over $30,000 but not over $32,000 $ 6,000
Over $32,000 but not over $34,000 $ 5,000
Over $34,000 but not over $36,000 $ 4,000
Over $36,000 but not over $38,000 $ 3,000
Over $38,000 but not over $40,000 $ 2,000
Over $40,000 but not over $42,000 $ 1,000
Over $42,000 0."