44th legislature - STATE OF NEW MEXICO - second session, 2000

RELATING TO TAXATION; AMENDING THE INCOME TAX ACT TO INCREASE THE EXEMPTION FOR PERSONS AGED SIXTY-FIVE AND OLDER OR BLIND.

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

Section 1. Section 7-2-5.2 NMSA 1978 (being Laws 1985, Chapter 114, Section 1, as amended) is amended to read:

"7-2-5.2. EXEMPTION--INCOME OF PERSONS AGED SIXTY-FIVE AND OLDER OR BLIND.--Any individual sixty-five years of age or older or who, for federal income tax purposes, is blind may claim an exemption in an amount specified in Subsections A through C of this section not to exceed [eight thousand dollars ($8,000)] twelve thousand dollars ($12,000) of income includable except for this exemption in net income. Individuals having income both within and without this state shall apportion this exemption in accordance with regulations of the secretary.

A. For married individuals filing separate returns, for any taxable year beginning on or after January 1, 1987:

The maximum amount of

If adjusted exemption allowable under

gross income is: this section shall be:

Not over $15,000 [$8,000] $12,000

Over $15,000 but not over $16,500 [$7,000] $11,000

Over $16,500 but not over $18,000 [$6,000] $10,000

Over $18,000 but not over $19,500 [$5,000] $9,000

Over $19,500 but not over $21,000 [$4,000] $8,000

Over $21,000 but not over $22,500 [$3,000] $7,000

Over $22,500 but not over $24,000 [$2,000] $6,000

Over $24,000 but not over $25,500 [$1,000] $5,000

Over $25,500 but not over $27,000 [0] $4,000

Over $27,000 but not over $28,500 $3,000

Over $28,500 but not over $30,000 $2,000

Over $30,000 but not over $31,500 $1,000

Over $31,500 $0.

B. For heads of household, surviving spouses and married individuals filing joint returns, for any taxable year beginning on or after January 1, 1987:

The maximum amount of

If adjusted exemption allowable under

gross income is: this section shall be:

Not over $30,000 [$8,000] $12,000

Over $30,000 but not over $33,000 [$7,000] $11,000

Over $33,000 but not over $36,000 [$6,000] $10,000

Over $36,000 but not over $39,000 [$5,000] $9,000

Over $39,000 but not over $42,000 [$4,000] $8,000

Over $42,000 but not over $45,000 [$3,000] $7,000

Over $45,000 but not over $48,000 [$2,000] $6,000

Over $48,000 but not over $51,000 [$1,000] $5,000

Over $51,000 but not over $54,000 [0] $4,000

Over $54,000 but not over $57,000 $3,000

Over $57,000 but not over $60,000 $2,000

Over $60,000 but not over $63,000 $1,000

Over $63,000 $0.

C. For single individuals, for any taxable year beginning on or after January 1, 1987:

The maximum amount of

If adjusted exemption allowable under

gross income is: this section shall be:

Not over $18,000 [$8,000] $12,000

Over $18,000 but not over $19,500 [$7,000] $11,000

Over $19,500 but not over $21,000 [$6,000] $10,000

Over $21,000 but not over $22,500 [$5,000] $9,000

Over $22,500 but not over $24,000 [$4,000] $8,000

Over $24,000 but not over $25,500 [$3,000] $7,000

Over $25,500 but not over $27,000 [$2,000] $6,000

Over $27,000 but not over $28,500 [$1,000] $5,000

Over $28,500 but not over $30,000 [0] $4,000

Over $30,000 but not over $31,500 $3,000

Over $31,000 but not over $33,000 $2,000

Over $33,000 but not over $34,500 $1,000

Over $34,500 $0."

Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2000.