Income Tax General Provisions | Midpage

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New Mexico Statutes Annotated 1978

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Income Tax General Provisions

State of New Mexico

7-2-1Short title 7-2-2Definitions 7-2-3Imposition and levy of tax 7-2-4Exemptions 7-2-5.2Exemption; income of persons sixty-five and older or blind 7-2-5.5Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands 7-2-5.6Exemption; medical care savings accounts 7-2-5.7Exemption; income of individuals one hundred years of age or older 7-2-5.8Exemption for low- and middle-income taxpayers 7-2-5.9Exemption; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older 7-2-5.10Exemption; New Mexico national guard member premiums paid for group life insurance 7-2-5.11Exemption; armed forces salaries 7-2-5.13Exemption; armed forces retirement pay 7-2-5.14Exemption; social security income 7-2-7Individual income tax rates 7-2-7.1Tax tables 7-2-7.42020 income tax rebate 7-2-7.5Supplemental 2021 income tax rebates 7-2-7.62021 income tax rebate 7-2-7.7Additional 2021 income tax rebates 7-2-9Tax computation; alternative method 7-2-10Income taxes applied to individuals on federal areas 7-2-11Tax credit; income allocation and apportionment 7-2-12Taxpayer returns; payment of tax 7-2-12.1Limitation on claiming of credits and tax rebates 7-2-12.2Estimated tax due; payment of estimated tax; penalty 7-2-13Credit for taxes paid other states by resident individuals 7-2-14Low-income comprehensive tax rebate 7-2-14.3Tax rebate of part of property tax due from low-income taxpayer; local option; refund 7-2-14.4Authorization to fund property tax rebate for low-income taxpayers; tax imposition; election 7-2-14.5Imposition of tax; limitations 7-2-18Tax rebate of property tax due that exceeds the elderly taxpayer's maximum property tax liability; refund 7-2-18.1Credit for expenses for dependent child day care necessary to enable gainful employment to prevent indigency 7-2-18.2Credit for preservation of cultural property; refund 7-2-18.10Tax credit; certain conveyances of real property 7-2-18.13Credit; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older 7-2-18.15Working families tax credit 7-2-18.16Credit; special needs adopted child tax credit; created; qualifications; duration of credit 7-2-18.17Angel investment credit 7-2-18.18Renewable energy production tax credit 7-2-18.22Rural health care practitioner tax credit 7-2-18.24Geothermal ground-coupled heat pump income tax credit 7-2-18.26Agricultural biomass income tax credit 7-2-18.292015 sustainable building income tax credit 7-2-18.31New solar market development income tax credit 7-2-18.322021 sustainable building income tax credit 7-2-18.33Credit; nurses; 2022 taxable year 7-2-18.34Child income tax credit 7-2-18.35Home fire recovery income tax credit 7-2-18.36Clean car income tax credit. (Repealed effective January 1, 2031.)7-2-18.37Clean car charging unit income tax credit. (Repealed effective January 1, 2031.)7-2-18.38Geothermal electricity generation income tax credit 7-2-18.39Advanced energy equipment income tax credit. (Repealed effective January 1, 2034.)7-2-18.40Local journalist employment income tax credit 7-2-18.41Local news printer income tax credit 7-2-18.42Physician tax credit 7-2-20Information returns 7-2-21Fiscal years permitted 7-2-21.1Accounting methods 7-2-22Administration 7-2-24Optional designation of tax refund contributions 7-2-28.1Veterans' state cemetery fund; created 7-2-31.1Optional refund contribution provisions; conditional repeal 7-2-32Deduction; payments into education trust fund 7-2-34Deduction; net capital gain income 7-2-35Deleted 7-2-36Deduction; expenses related to organ donation 7-2-37Deduction; unreimbursed or uncompensated medical care expenses 7-2-38Deduction; income set aside for future distribution from an estate or trust to a nonresident individual 7-2-39Deduction from net income for certain dependents 7-2-40Deduction; income from leasing a liquor license 7-2-41Deduction; school supplies purchased by a public school teacher