SENATE BILL 94

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Clinton D. Harden

AN ACT

RELATING TO TAXATION; PROVIDING FOR AN INCOME TAX DEDUCTION FOR MILITARY RETIREMENT INCOME.

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] DEDUCTION--MILITARY RETIREMENT INCOME.--A taxpayer who is a veteran may claim a deduction from net income in an amount equal to military income earned by the taxpayer in the taxable year for which the deduction is claimed. For the purposes of this section, "veteran" means a person who has been honorably discharged from membership in the armed forces of the United States and has served in the armed forces of the United States on active duty continuously for ninety days."

     Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2005.

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