HOUSE BILL 1031

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Thomas A. Anderson

AN ACT

RELATING TO TAXATION; PROVIDING FOR AN INCOME TAX EXEMPTION FOR MILITARY RETIREMENT PENSIONS RECEIVED BY VETERANS OF THE ARMED FORCES OF THE UNITED STATES.

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--MILITARY RETIREMENT PAY.--A military retirement pension received by a person who has been honorably discharged from membership in the armed forces of the United States and has served in the armed forces of the United States on active duty continuously for ninety days is exempt from state income tax."

     Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2005.