HOUSE BILL 477
54th legislature - STATE OF NEW MEXICO - first session, 2019
INTRODUCED BY
Gail Armstrong and Daymon Ely
AN ACT
RELATING TO TAXATION; EXEMPTING A CERTAIN AMOUNT OF SOCIAL SECURITY INCOME FROM INCOME TAX.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-2-5.2 NMSA 1978 (being Laws 1985, Chapter 114, Section 1, as amended) is amended to read:
"7-2-5.2. EXEMPTION--SOCIAL SECURITY INCOME--INCOME OF PERSONS SIXTY-FIVE AND OLDER OR BLIND.--[Any] Pursuant to this section:
A. an individual may claim an exemption in an amount equal to twenty-four thousand dollars ($24,000) of the individual's net income from the supplemental security income program under Title 16 of the federal Social Security Act; or
B. if an individual does not receive such income but is sixty-five years of age or older or who, for federal income tax purposes, is blind, the individual may claim an exemption in an amount specified in [Subsections A through C] Paragraphs (1) through (3) of this [section] subsection not to exceed eight thousand dollars ($8,000) of income includable except for this exemption in net income: [Individuals having income both within and without this state shall apportion this exemption in accordance with regulations of the secretary.
A.] (1) For married individuals filing separate returns, for any taxable year beginning on or after January 1, 1987:
The maximum amount of
If adjusted exemption allowable under
gross income is: this section shall be:
Not over $15,000 $8,000
Over $15,000 but not over $16,500 $7,000
Over $16,500 but not over $18,000 $6,000
Over $18,000 but not over $19,500 $5,000
Over $19,500 but not over $21,000 $4,000
Over $21,000 but not over $22,500 $3,000
Over $22,500 but not over $24,000 $2,000
Over $24,000 but not over $25,500 $1,000
Over $25,500 0.
[B.] (2) For heads of household, surviving spouses and married individuals filing joint returns, for any taxable year beginning on or after January 1, 1987:
The maximum amount of
If adjusted exemption allowable under
gross income is: this section shall be:
Not over $30,000 $8,000
Over $30,000 but not over $33,000 $7,000
Over $33,000 but not over $36,000 $6,000
Over $36,000 but not over $39,000 $5,000
Over $39,000 but not over $42,000 $4,000
Over $42,000 but not over $45,000 $3,000
Over $45,000 but not over $48,000 $2,000
Over $48,000 but not over $51,000 $1,000
Over $51,000 0.
[C.] (3) For single individuals, for any taxable year beginning on or after January 1, 1987:
The maximum amount of
If adjusted exemption allowable under
gross income is: this section shall be:
Not over $18,000 $8,000
Over $18,000 but not over $19,500 $7,000
Over $19,500 but not over $21,000 $6,000
Over $21,000 but not over $22,500 $5,000
Over $22,500 but not over $24,000 $4,000
Over $24,000 but not over $25,500 $3,000
Over $25,500 but not over $27,000 $2,000
Over $27,000 but not over $28,500 $1,000
Over $28,500 0.
C. Individuals having income both within and without this state shall apportion the exemptions provided in this section in accordance with rules of the secretary."
SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2019.
- 4 -