SENATE BILL 77

52nd legislature - STATE OF NEW MEXICO - first session, 2015

INTRODUCED BY

Lee S. Cotter

AN ACT

RELATING TO TAXATION; CHANGING THE AGE REQUIREMENT FOR STATE INCOME TAX EXEMPTION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 7-2-5.7 NMSA 1978 (being Laws 2002, Chapter 58, Section 1) is amended to read:

     "7-2-5.7. EXEMPTION--INCOME OF INDIVIDUALS [ONE HUNDRED] NINETY-SEVEN YEARS OF AGE OR OLDER.--The income of an individual who is a natural person, who is [one hundred] ninety-seven 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, 2015.

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