HOUSE BILL 484
57th legislature - STATE OF NEW MEXICO - first session, 2025
INTRODUCED BY
Mark Duncan and Rod Montoya and Jonathan A. Henry
and Gail Armstrong and Joshua N. Hernandez
AN ACT
RELATING TO TAXATION; EXEMPTING TIPS FROM INCOME TAX.
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--INCOME FROM TIPS.--A resident who receives tips as compensation for services rendered by the resident or as part of wages earned by the resident may claim an exemption in the amount of the tips received from income includable, except for this exemption, in net income."
SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2025.
.230880.1