SENATE BILL 32

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Mark Boitano

AN ACT

RELATING TO TAXATION; PROVIDING FOR AN INCOME TAX CREDIT FOR TAXPAYERS FIFTY-FIVE YEARS OF AGE OR OLDER WHO PROVIDE CERTIFICATION OF ONE HUNDRED TWENTY HOURS OR MORE OF VOLUNTEER SERVICE TO PUBLIC SCHOOLS IN THIS STATE.

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] INCOME TAX--CREDIT FOR PUBLIC SCHOOL VOLUNTEER SERVICES PROVIDED.--

          A. A taxpayer fifty-five years of age or older who files an individual New Mexico income tax return and who is not a dependent of another taxpayer may claim a credit in an amount equal to two hundred dollars ($200) if the taxpayer provides to the department certification from a public school in this state that the taxpayer provided one hundred twenty hours or more of volunteer service to that public school during the taxable year.

          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 credit that would have been allowed on a joint return.

          C. The credit provided in this section may be deducted from the taxpayer's income tax liability for the taxable year."

     Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2006.

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