CHAPTER 58
CHAPTER 58, LAWS 2002
AN ACT
RELATING TO TAXATION; CREATING AN INCOME TAX EXEMPTION FOR THE INCOME OF INDIVIDUALS ONE HUNDRED YEARS OF AGE OR OLDER.
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:
"EXEMPTION--INCOME OF INDIVIDUALS ONE HUNDRED YEARS OF AGE OR OLDER.--The income of an individual who is a natural person, who is one hundred years of age or older and who is not a dependent of another individual is exempt from state income tax."
Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2002.
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SENATE BILL 95