New Mexico Statutes
Chapter 7 - Taxation
Article 2 - Income Tax General Provisions

Section 7-2-5.5 - Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands. - Income earned by a member of a New Mexico federally...

Section 7-2-5.6 - Exemption; medical care savings accounts. - Except as provided in Section 6 [59A-23D-6 NMSA 1978] of...

Section 7-2-5.7 - Exemption; income of individuals one hundred years of age or older. - The income of an individual who is a natural person,...

Section 7-2-5.8 - Exemption for low- and middle-income taxpayers. - A. An individual may claim an exemption in an amount...

Section 7-2-5.9 - Exemption; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older. - A. Any individual sixty-five years of age or older may...

Section 7-2-5.10 - Exemption; New Mexico national guard member premiums paid for group life insurance. - An individual who receives reimbursement from the service members' life...

Section 7-2-5.11 - Exemption; armed forces salaries. - A salary paid by the United States to a taxpayer...

Section 7-2-6 - Repealed. - Repeals. — Laws 1990, ch. 49, § 18 repealed 7-2-6...

Section 7-2-7 - Individual income tax rates. - The tax imposed by Section 7-2-3 NMSA 1978 shall be...

Section 7-2-7 - Individual income tax rates. (Effective January 1, 2006 through December 31, 2007.) - The tax imposed by Section 7-2-3 NMSA 1978 shall be...

Section 7-2-7.1 - Tax tables. - In lieu of the tax rate computations required in Section...

Section 7-2-7.2 - Tax rebate; 2005 taxable year. (Effective for 2005 tax year.) - A. Except as otherwise provided in this section, any resident...

Section 7-2-7.3 - Exemption; 2005 taxable year rebate. (Effective for 2005 tax year.) - The tax rebate made for the 2005 taxable year pursuant...

Section 7-2-7.4 - 2020 income tax rebate. - A. A resident who is not a dependent of another...

Section 7-2-8 - Repealed. - Repeals. — Laws 1981, ch. 37, § 96, repealed 7-2-8...

Section 7-2-9 - Tax computation; alternative method. - For those taxpayers who do not compute an amount upon...

Section 7-2-10 - Income taxes applied to individuals on federal areas. - To the extent permitted by law, no individual shall be...

Section 7-2-11 - Tax credit; income allocation and apportionment. - A. Net income of any individual having income that is...

Section 7-2-12 - Taxpayer returns; payment of tax. - A. Every resident of this state and every individual deriving...

Section 7-2-12.1 - Limitation on claiming of credits and tax rebates. - A. Except as provided otherwise in this section, a credit...

Section 7-2-12.2 - Estimated tax due; payment of estimated tax; penalty. - A. Except as otherwise provided in this section, an individual...

Section 7-2-13 - Credit for taxes paid other states by resident individuals. - When a resident individual is liable to another state for...

Section 7-2-14 - Low-income comprehensive tax rebate. - A. Except as otherwise provided in Subsection B of this...

Section 7-2-14.1 - Repealed. - Repeals. — Laws 1993, ch. 356, § 1 repealed 7-2-14.1...

Section 7-2-14.2 - Repealed. - Repeals. — Laws 1987, ch. 264, § 25B repealed 7-2-14.2...

Section 7-2-14.3 - Tax rebate of part of property tax due from low-income taxpayer; local option; refund. - A. The tax rebate provided by this section may be...

Section 7-2-14.4 - Authorization to fund property tax rebate for low-income taxpayers; tax imposition; election. - A. The board of county commissioners of any county may...

Section 7-2-14.5 - Imposition of tax; limitations. - A. If, as a result of an election held on...

Section 7-2-15 - Repealed. - Repeals. — Laws 1987, ch. 264, § 25B repealed 7-2-15...

Section 7-2-16 - Repealed. - Repeals. — Laws 1990, ch. 49, § 20 repealed 7-2-16...

Section 7-2-16.1 - Repealed. - Repeals. — Laws 1990, ch. 49, § 20 repealed 7-2-16.1...

Section 7-2-17 - Repealed. - Repeals. — Laws 1990, ch. 49, § 20 repealed 7-2-17...

Section 7-2-17.1 - Repealed. - Repeals. — Laws 1990, ch. 49, § 21 repealed 7-2-17.1...

Section 7-2-18 - Tax rebate of property tax due that exceeds the elderly taxpayer's maximum property tax liability; refund. - A. Any resident who has attained the age of sixty-five...

Section 7-2-18.1 - Credit for expenses for dependent child day care necessary to enable gainful employment to prevent indigency. - History: Laws 2004, ch. 99, § 1; repealed by Laws...

Section 7-2-18.2 - Credit for preservation of cultural property; refund. - History: Laws 2007, ch. 204, § 5; repealed by Laws...

Section 7-2-18.3 - Repealed. - Repeals. — Laws 1998, ch. 95, § 5, effective January...

Section 7-2-18.4 - Qualified business facility rehabilitation credit; income tax credit. - A. To stimulate the creation of new jobs and revitalize...

Section 7-2-18.5 - Welfare-to-work tax credit. - A. Any taxpayer who files an individual New Mexico income...

Section 7-2-18.6 - Repealed. - Repeals. — Laws 1999, ch. 217, § 4 repealed 7-2-18.6,...

Section 7-2-18.7 - Tax rebate of property tax paid on property eligible for disabled veteran exemption; refund; limitation. - A. Any resident who files an individual New Mexico income...

Section 7-2-18.8 - Credit; certain electronic equipment. - A. A taxpayer who files an individual New Mexico income...

Section 7-2-18.9 - Repealed. - History: Laws 2002, ch. 91, § 1. Repeals. — Laws...

Section 7-2-18.10 - Tax credit; certain conveyances of real property. - A. There shall be allowed as a credit against the...

Section 7-2-18.11 - Job mentorship tax credit. - A. To encourage New Mexico businesses to hire youth participating...

Section 7-2-18.12 - Repealed. - Repeals. — Laws 2005, ch. 91, § 2 repealed 7-2-18.12...

Section 7-2-18.13 - Credit; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older. - A. A taxpayer who files an individual New Mexico income...

Section 7-2-18.14 - Solar market development tax credit; residential and small business solar thermal and photovoltaic market development tax credit. - A. Except as provided in Subsection C of this section,...

Section 7-2-18.15 - Working families tax credit. - A. A taxpayer who is a resident and who files...

Section 7-2-18.16 - Credit; special needs adopted child tax credit; created; qualifications; duration of credit. - A. A taxpayer who files an individual New Mexico income...

Section 7-2-18.17 - Angel investment credit. - A. A taxpayer who files a New Mexico income tax...

Section 7-2-18.18 - Renewable energy production tax credit. - A. The tax credit provided in this section may be...

Section 7-2-18.19 - Sustainable building tax credit. - A. The tax credit provided by this section may be...

Section 7-2-18.20 - Repealed. - Repeals. — Laws 2007, ch. 204, § 20 repealed 7-2-18.20...

Section 7-2-18.21 - Credit; blended biodiesel fuel. - A. A taxpayer who is liable for payment of the...

Section 7-2-18.22 - Tax credit; rural health care practitioner tax credit. - A. A taxpayer who files an individual New Mexico tax...

Section 7-2-18.23 - Refundable credit; 2007 taxable year. - A. Except as otherwise provided in Subsection B of this...

Section 7-2-18.24 - Geothermal ground-coupled heat pump tax credit. - A. A taxpayer who files an individual New Mexico income...

Section 7-2-18.25 - Advanced energy income tax credit. - A. The tax credit that may be claimed pursuant to...

Section 7-2-18.26 - Agricultural biomass income tax credit. - A. A taxpayer who owns a dairy or feedlot and...

Section 7-2-18.27 - Credit; physician participation in cancer treatment clinical trials. - A. A taxpayer who files an individual New Mexico income...

Section 7-2-18.28 - Veteran employment tax credit. - A. A taxpayer who is not a dependent of another...

Section 7-2-18.29 - 2015 sustainable building tax credit. - A. The tax credit provided by this section may be...

Section 7-2-18.30 - Foster youth employment income tax credit. - A. A taxpayer who is not a dependent of another...

Section 7-2-18.31 - New solar market development income tax credit. - A. For taxable years prior to January 1, 2028, a...

Section 7-2-18.32 - 2021 sustainable building tax credit. - A. The tax credit provided by this section may be...

Section 7-2-19 - Repealed. - Repeals. — Laws 1990, ch. 49, § 19 repealed 7-2-19...

Section 7-2-20 - Information returns. - A. Pursuant to regulation, the secretary may require any person...

Section 7-2-21 - Fiscal years permitted. - Any individual who files income tax returns under the Internal...

Section 7-2-21.1 - Accounting methods. - A taxpayer shall use the same accounting methods for reporting...

Section 7-2-22 - Administration. - The Income Tax Act shall be administered pursuant to the...

Section 7-2-23 - Finding[; wildlife funds]. - The legislature finds that it is in the public interest...

Section 7-2-24 - Optional designation of tax refund contribution [; game protection fund]. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-24.1 - Optional designation of tax refund contribution for tree plantings. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-24.2 - Optional designation of tax refund contribution; healthy soil program. - A. An individual whose state income tax liability after application...

Section 7-2-25 - Repealed. - Repeals. — Laws 1987, ch. 277, § 7 repealed 7-2-25...

Section 7-2-26 - Repealed. - Repeals. — Laws 1985, ch. 154, § 6 repealed 7-2-26...

Section 7-2-27 - Repealed. - History: 1978 Comp., § 7-2-27, enacted by Laws 1987, ch....

Section 7-2-28 - Optional designation of tax refund contribution. - A. Any individual whose state income tax liability in any...

Section 7-2-28.1 - Veterans' state cemetery fund; created. - The "veterans' state cemetery fund" is created as a nonreverting...

Section 7-2-29 - Finding. - The legislature finds that it is in the public interest...

Section 7-2-30 - Optional designation of tax refund contribution [; substance abuse education fund]. - A. Any individual whose state income tax liability in any...

Section 7-2-30.1 - Optional designation of tax refund contribution; amyotrophic lateral sclerosis research fund. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-30.2 - Optional designation of tax refund contribution; energy, minerals and natural resources department; state parks division. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-30.3 - Optional designation of tax refund contribution; national guard member and family assistance. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-30.4 - Optional designation of tax refund contribution; Vietnam veterans memorial. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-30.5 - Optional designation of tax refund contribution; veterans' enterprise fund. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-30.6 - Optional designation of tax refund contribution; lottery tuition fund. - A. Except as otherwise provided in Subsection C of this...

Section 7-2-30.7 - Optional designation of tax refund contribution; horse shelter rescue fund. - A. Any individual whose state income tax liability after application...

Section 7-2-30.8 - Finding; optional designation of tax refund contribution; senior services. - A. The legislature finds that it is in the public...

Section 7-2-30.9 - Optional designation of tax refund contribution; animal care and facility fund. - A. An individual whose state income tax liability after application...

Section 7-2-30.10 - Optional designation of tax refund contribution; sexual assault examination kit processing grant fund; sexual assault services. (Repealed effective January 1, 2023.) - A. An individual whose state income tax liability after application...

Section 7-2-30.11 - Optional designation of tax refund contribution; New Mexico housing trust fund. - A. Any individual whose state income tax liability after application...

Section 7-2-31 - Optional designation of tax refund contribution. - A. Any individual whose state income tax liability in any...

Section 7-2-31.1 - Optional refund contribution provisions; conditional repeal. - A. By August 31, 2000, and by August 31 of...

Section 7-2-32 - Deduction-payments into education trust fund. - A taxpayer may claim a deduction from net income in...

Section 7-2-33 - Repealed. - Repeals. — Laws 2003, ch. 275, § 6 repealed 7-2-33...

Section 7-2-34 - Deduction; net capital gain income. - A. Except as provided in Subsection C of this section,...

Section 7-2-35 - Deleted. - History: Laws 2000 (2nd S.S.), ch. 7, § 1. Compiler's...

Section 7-2-36 - Deduction; expenses related to organ donation. - A. A taxpayer may claim a deduction from net income...

Section 7-2-37 - Deduction; unreimbursed or uncompensated medical care expenses. - A. Prior to January 1, 2025, a taxpayer may claim...

Section 7-2-38 - Deduction; income set aside for future distribution from an estate or trust to a nonresident individual. - A. Before January 1, 2025, a taxpayer that is an...

Section 7-2-39 - Deduction from net income for certain dependents. - A. As long as the exemption amount pursuant to Section...

Section 7-2-40 - Deduction; income from leasing a liquor license. - A. Prior to January 1, 2026, a taxpayer who is...

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New Mexico Statutes Chapter 7 - Taxation Article 2 - Income Tax General Provisions

New Mexico Statutes
Chapter 7 - Taxation
Article 2 - Income Tax General Provisions