NMSA 1978, § 7-2-32 — Deduction; payments into education trust fund

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 an education
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.
Married individuals 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.