46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO TAXATION; PROVIDING AN INCOME TAX DEDUCTION FOR ATTENDANCE AT A HOME SCHOOL OR A NONGOVERNMENTAL SCHOOL.

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--HOME SCHOOL OR NONGOVERNMENTAL SCHOOL ATTENDANCE.--

A. A resident who files an individual New Mexico income tax return and is not a dependent of another taxpayer may claim a deduction from net income in an amount equal to one thousand dollars ($1,000) for each school-age child who:

(1) may be claimed by the resident as a dependent in the taxable year for which the deduction is claimed; and

(2) attended in New Mexico for more than six months during the school year that ended during the taxable year a home school, as that term is defined in the Public School Code, or an accredited nongovernmental elementary or secondary school.

B. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the deduction that would have been allowed on the joint return.

C. For the purposes of this section:

(1) "dependent" means "dependent" as defined in Section 152 of the Internal Revenue Code; and

(2) "school-age child" means a child who is at least five years of age and not older than eighteen years of age prior to September 1 of the school year."

Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2003.