A taxpayer may claim a deduction from net income in an amount equal to the payments made by the taxpayer into the education trust fund pursuant to a college investment agreement or prepaid tuition contract under the Education Trust Act [Chapter 21, Article 21K NMSA 1978] in the taxable year for which the deduction is being claimed. The amount of payments made on behalf of any one beneficiary that may be deducted shall not exceed in the aggregate the cost of attendance at the applicable institution of higher education, as determined by the education trust board. A husband and wife who file separate returns for the taxable year in which they could have filed a joint return may each claim only one-half of the deduction that would have been allowed on the joint return. Individuals having income both within and without this state shall apportion this deduction in accordance with regulations of the secretary.
History: Laws 1997, ch. 259, § 8.
Effective dates. — Laws 1997, ch. 259 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 1997, 90 days after the adjournment of the legislature.
Structure New Mexico Statutes
Article 2 - Income Tax General Provisions
Section 7-2-3 - Imposition and levy of tax.
Section 7-2-5.2 - Exemption; income of persons sixty-five and older or blind.
Section 7-2-5.6 - Exemption; medical care savings accounts.
Section 7-2-5.7 - Exemption; income of individuals one hundred years of age or older.
Section 7-2-5.8 - Exemption for low- and middle-income taxpayers.
Section 7-2-5.11 - Exemption; armed forces salaries.
Section 7-2-7 - Individual income tax rates.
Section 7-2-7 - Individual income tax rates. (Effective January 1, 2006 through December 31, 2007.)
Section 7-2-7.2 - Tax rebate; 2005 taxable year. (Effective for 2005 tax year.)
Section 7-2-7.3 - Exemption; 2005 taxable year rebate. (Effective for 2005 tax year.)
Section 7-2-7.4 - 2020 income tax rebate.
Section 7-2-9 - Tax computation; alternative method.
Section 7-2-10 - Income taxes applied to individuals on federal areas.
Section 7-2-11 - Tax credit; income allocation and apportionment.
Section 7-2-12 - Taxpayer returns; payment of tax.
Section 7-2-12.1 - Limitation on claiming of credits and tax rebates.
Section 7-2-12.2 - Estimated tax due; payment of estimated tax; penalty.
Section 7-2-13 - Credit for taxes paid other states by resident individuals.
Section 7-2-14 - Low-income comprehensive tax rebate.
Section 7-2-14.5 - Imposition of tax; limitations.
Section 7-2-18.2 - Credit for preservation of cultural property; refund.
Section 7-2-18.4 - Qualified business facility rehabilitation credit; income tax credit.
Section 7-2-18.5 - Welfare-to-work tax credit.
Section 7-2-18.8 - Credit; certain electronic equipment.
Section 7-2-18.10 - Tax credit; certain conveyances of real property.
Section 7-2-18.11 - Job mentorship tax credit.
Section 7-2-18.15 - Working families tax credit.
Section 7-2-18.17 - Angel investment credit.
Section 7-2-18.18 - Renewable energy production tax credit.
Section 7-2-18.19 - Sustainable building tax credit.
Section 7-2-18.21 - Credit; blended biodiesel fuel.
Section 7-2-18.22 - Tax credit; rural health care practitioner tax credit.
Section 7-2-18.23 - Refundable credit; 2007 taxable year.
Section 7-2-18.24 - Geothermal ground-coupled heat pump tax credit.
Section 7-2-18.25 - Advanced energy income tax credit.
Section 7-2-18.26 - Agricultural biomass income tax credit.
Section 7-2-18.27 - Credit; physician participation in cancer treatment clinical trials.
Section 7-2-18.28 - Veteran employment tax credit.
Section 7-2-18.29 - 2015 sustainable building tax credit.
Section 7-2-18.30 - Foster youth employment income tax credit.
Section 7-2-18.31 - New solar market development income tax credit.
Section 7-2-18.32 - 2021 sustainable building tax credit.
Section 7-2-20 - Information returns.
Section 7-2-21 - Fiscal years permitted.
Section 7-2-21.1 - Accounting methods.
Section 7-2-22 - Administration.
Section 7-2-23 - Finding[; wildlife funds].
Section 7-2-24 - Optional designation of tax refund contribution [; game protection fund].
Section 7-2-24.1 - Optional designation of tax refund contribution for tree plantings.
Section 7-2-24.2 - Optional designation of tax refund contribution; healthy soil program.
Section 7-2-28 - Optional designation of tax refund contribution.
Section 7-2-28.1 - Veterans' state cemetery fund; created.
Section 7-2-30 - Optional designation of tax refund contribution [; substance abuse education fund].
Section 7-2-30.4 - Optional designation of tax refund contribution; Vietnam veterans memorial.
Section 7-2-30.5 - Optional designation of tax refund contribution; veterans' enterprise fund.
Section 7-2-30.6 - Optional designation of tax refund contribution; lottery tuition fund.
Section 7-2-30.7 - Optional designation of tax refund contribution; horse shelter rescue fund.
Section 7-2-30.8 - Finding; optional designation of tax refund contribution; senior services.
Section 7-2-30.9 - Optional designation of tax refund contribution; animal care and facility fund.
Section 7-2-30.11 - Optional designation of tax refund contribution; New Mexico housing trust fund.
Section 7-2-31 - Optional designation of tax refund contribution.
Section 7-2-31.1 - Optional refund contribution provisions; conditional repeal.
Section 7-2-32 - Deduction-payments into education trust fund.
Section 7-2-34 - Deduction; net capital gain income.
Section 7-2-36 - Deduction; expenses related to organ donation.
Section 7-2-37 - Deduction; unreimbursed or uncompensated medical care expenses.
Section 7-2-39 - Deduction from net income for certain dependents.
Section 7-2-40 - Deduction; income from leasing a liquor license.