0001| HOUSE BILL 1215 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| DANICE PICRAUX | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO TAXATION; AMENDING A SECTION OF THE INCOME TAX ACT | 0012| TO REFORMULATE AND INDEX THE EXEMPTION FOR PERSONS WHO ARE | 0013| SIXTY-FIVE YEARS OF AGE AND OLDER OR BLIND. | 0014| | 0015| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0016| Section 1. Section 7-2-5.2 NMSA 1978 (being Laws 1985, | 0017| Chapter 114, Section 1, as amended) is amended to read: | 0018| "7-2-5.2. EXEMPTION--INCOME OF PERSONS SIXTY-FIVE AND | 0019| OLDER OR BLIND.-- | 0020| A. For taxable years beginning on or after January | 0021| 1, 1997, any individual sixty-five years of age or older or | 0022| who, for federal income tax purposes, is blind may claim an | 0023| exemption in an amount specified in [Subsections A through C | 0024| of this section] Paragraphs (1) and (2) of this subsection | 0025| not to exceed eight thousand dollars ($8,000) of income in- | 0001| | 0002| cludable except for this exemption in net income. Individuals | 0003| having income both within and without this state shall | 0004| apportion this exemption in accordance with regulations of the | 0005| secretary. | 0006| [A. For married individuals filing separate | 0007| returns, for any taxable year beginning on or after January 1, | 0008| 1987: | 0009| The maximum amount of | 0010| If adjusted exemption allowable under | 0011| gross income is: this section shall be: | 0012| Not over $15,000 $8,000 | 0013| Over $15,000 but not over $16,500 $7,000 | 0014| Over $16,500 but not over $18,000 $6,000 | 0015| Over $18,000 but not over $19,500 $5,000 | 0016| Over $19,500 but not over $21,000 $4,000 | 0017| Over $21,000 but not over $22,500 $3,000 | 0018| Over $22,500 but not over $24,000 $2,000 | 0019| Over $24,000 but not over $25,500 $1,000 | 0020| Over $25,500 0. | 0021| B. For heads of household, surviving spouses and | 0022| married individuals filing joint returns, for any taxable year | 0023| beginning on or after January 1, 1987: | 0024| The maximum amount of | 0025| If adjusted exemption allowable under | 0001| gross income is: this section shall be: | 0002| Not over $30,000 $8,000 | 0003| Over $30,000 but not over $33,000 $7,000 | 0004| Over $33,000 but not over $36,000 $6,000 | 0005| Over $36,000 but not over $39,000 $5,000 | 0006| Over $39,000 but not over $42,000 $4,000 | 0007| Over $42,000 but not over $45,000 $3,000 | 0008| Over $45,000 but not over $48,000 $2,000 | 0009| Over $48,000 but not over $51,000 $1,000 | 0010| Over $51,000 0. | 0011| C. For single individuals, for any taxable year | 0012| beginning on or after January 1, 1987: | 0013| The maximum amount of | 0014| If adjusted exemption allowable under | 0015| gross income is: this section shall be: | 0016| Not over $18,000 $8,000 | 0017| Over $18,000 but not over $19,500 $7,000 | 0018| Over $19,500 but not over $21,000 $6,000 | 0019| Over $21,000 but not over $22,500 $5,000 | 0020| Over $22,500 but not over $24,000 $4,000 | 0021| Over $24,000 but not over $25,500 $3,000 | 0022| Over $25,500 but not over $27,000 $2,000 | 0023| Over $27,000 but not over $28,500 $1,000 | 0024| Over $28,500 0.] | 0025| (1) For single individuals and married | 0001| individuals filing separate returns, the exemption amount | 0002| allowable under this section is: | 0003| (a) eight thousand dollars ($8,000) for | 0004| those taxpayers whose adjusted gross income is equal to or less | 0005| than the base amount; and | 0006| (b) an amount equal to eight thousand | 0007| dollars ($8,000) less two-thirds of the difference between the | 0008| taxpayer's adjusted gross income and the base amount; provided | 0009| that, if the calculation results in a negative number, the | 0010| amount shall be zero. | 0011| (2) For heads of households, surviving spouses and | 0012| married individuals filing joint returns, the exemption amount | 0013| allowable under this section is: | 0014| (a) eight thousand dollars ($8,000) for those | 0015| taxpayers whose adjusted gross income is equal to or less than | 0016| the base amount; and | 0017| (b) an amount equal to eight thousand dollars | 0018| ($8,000) less one-third of the difference between the | 0019| taxpayer's adjusted gross income and the base amount; provided | 0020| that, if the calculation results in a negative number, the | 0021| amount shall be zero. | 0022| B. For taxable years beginning in calendar year | 0023| 1997 and 1998, the base amount for single individuals is | 0024| eighteen thousand dollars ($18,000); for married individuals | 0025| filing separate returns, fifteen thousand dollars ($15,000); | 0001| and for heads of households, surviving spouses and married | 0002| individuals filing jointly, thirty thousand dollars ($30,000). | 0003| For taxable years beginning in calendar years after 1998, the | 0004| base amount shall be multiplied by a fraction, the numerator of | 0005| which is the consumer price index for all-urban consumers | 0006| published by the United States department of labor for the | 0007| month of August preceding the calendar year and the denominator | 0008| of which is the consumer price index for all-urban consumers | 0009| for the month of August 1997; provided that the value of the | 0010| fraction shall never be less than one." | 0011|  |