Income deferred pursuant to the Deferred Compensation Act and any gains arising from such income, shall be subject to New Mexico income tax and other applicable taxes in the same year or years in which the income is subject to federal income tax pursuant to federal law.
History: Laws 1981, ch. 155, ยง 7.
Structure New Mexico Statutes
Chapter 10 - Public Officers and Employees
Article 7A - Deferred Compensation
Section 10-7A-1 - Short title.
Section 10-7A-2 - Definitions.
Section 10-7A-3 - Deferred compensation plan; state and local public employees.
Section 10-7A-4 - Deferred compensation plan; other participants.
Section 10-7A-5 - Deferred compensation plan; approval.
Section 10-7A-6 - Deferred compensation plans; investment options.
Section 10-7A-7 - Deferred compensation plan; state tax deferral.
Section 10-7A-8 - Deferred compensation plan; local public employee participation.
Section 10-7A-9 - Existing deferred compensation plans.
Section 10-7A-10 - Expenditure.
Section 10-7A-11 - Rule making; agreements.
Section 10-7A-12 - Division of funds as community property; notice requirement.