SFC/SB 790

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AN ACT

RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;

PROVIDING FOR AN INCOME TAX EXEMPTION FOR REIMBURSEMENTS FROM

THE SERVICE MEMBERS' LIFE INSURANCE REIMBURSEMENT FUND;

DECLARING AN EMERGENCY.

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--NEW MEXICO NATIONAL GUARD MEMBER PREMIUMS

PAID FOR GROUP LIFE INSURANCE.--An individual who receives

reimbursement from the service members' life insurance

reimbursement fund may claim an exemption in the amount of

that reimbursement, from income includable, except for this

exemption, in net income."

Section 2. APPLICABILITY.--The provisions of this act

apply to taxable years beginning on or after January 1, 2005.

Section 3. EMERGENCY.--It is necessary for the public

peace, health and safety that this act take effect

immediately.