HOUSE BILL 60

46th legislature - STATE OF NEW MEXICO - first session, 2003

INTRODUCED BY

Robert White







AN ACT

RELATING TO TAXATION; PROVIDING AN EXEMPTION FROM INCOME TAX FOR THE INCOME OF INDIVIDUALS SIXTY-FIVE YEARS OF AGE OR OLDER.



BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-2-5.7 NMSA 1978 (being Laws 2002, Chapter 58, Section 1) is amended to read:

"7-2-5.7. EXEMPTION--INCOME OF INDIVIDUALS [ONE HUNDRED] SIXTY-FIVE YEARS OF AGE OR OLDER.--The income of an individual who is a natural person, who is [one hundred] sixty-five years of age or older and who is not a dependent of another individual is exempt from state income tax."

Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2003.

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