SENATE BILL 159

46th legislature - STATE OF NEW MEXICO - second session, 2004

INTRODUCED BY

Richard M. Romero

AN ACT

RELATING TO TAXATION; PROVIDING PARTIAL INCOME TAX EXEMPTION FOR MILITARY RETIREMENT PAY.

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

     Section 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] EXEMPTION--MILITARY RETIREMENT PAY.--Up to three thousand dollars ($3,000) of military retirement pay paid by the United States to a resident of New Mexico who has served in the armed forces of the United States, or to the surviving spouse of that person, who is a resident of New Mexico, is exempt from income taxation."

     Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2004.

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