0001|                           HOUSE BILL 1006
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          DELORES C. WRIGHT
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO TAXATION; EXEMPTING FROM INCOME TAXATION CERTAIN
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0012|     ANNUITY AND PENSION INCOME.
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0013|     
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0014|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015|          Section 1.  A new section of the Income Tax Act is enacted
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0016|     to read:
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0017|          "[<u>NEW MATERIAL</u>]  EXEMPTION--ANNUITY AND PENSION INCOME.-
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0018|     -
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0019|               A.  An individual may claim an exemption from income
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0020|     taxation for annuity or pension income included in base income
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0021|     in an amount not to exceed five thousand dollars ($5,000).
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0022|               B.  As used in this section, "annuity or pension
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0023|     income" means that pension or annuity income required by
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0024|     federal law or regulation to be reported on information return
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0025|     federal form 1099-R or any successor forms used to report
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0001|     distributions from pensions, annuities, retirement or profit-
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0002|     sharing plans, individual retirement accounts, insurance
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0003|     contracts and similar income that is attributable to any
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0004|     benefit taxable for federal income tax purposes paid to an
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0005|     individual under a qualified plan, annuity or simplified
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0006|     employee pension plan pursuant to Sections 401 through 404, 408
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0007|     or 457 of the Internal Revenue Code and including any inside
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0008|     buildup of interest distributed in conjunction with any of the
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0009|     listed distributions."
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0010|          Section 2.  APPLICABILITY.--The provisions of this act
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0011|     apply to taxable years beginning on or after January 1, 1997.
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0012|                              
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