SENATE BILL

57th legislature - STATE OF NEW MEXICO - first session, 2025

INTRODUCED BY

Harold Pope

 

 

 

 

 

AN ACT

RELATING TO TAXATION; PROVIDING AN INCOME TAX EXEMPTION FOR INDIVIDUALS WITH CERTAIN INCOMES.

 

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--INDIVIDUALS WITH CERTAIN INCOMES.--Income of the following is exempt from state income taxation:

          A. single individuals with modified gross income less than or equal to forty thousand dollars ($40,000);

          B. married individuals filing separate returns with modified gross income less than or equal to thirty thousand dollars ($30,000); and

          C. married individuals filing joint returns with modified gross income less than or equal to sixty thousand dollars ($60,000)."

     SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2025.

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