us-nm/stat
NMSA 1978, § 7-2-34 — Deduction; net capital gain income
A.
A taxpayer may claim a deduction from net income in an amount equal to the
greater of:
(1) the taxpayer's net capital gain income for the taxable year for which the
deduction is being claimed, but not to exceed two thousand five hundred dollars
($2,500); or
(2) forty percent of up to one million dollars ($1,000,000) of the taxpayer's net
capital gain income from the sale of a business that is allocated or apportioned to New
Mexico pursuant to Section 7-2-11 NMSA 1978 for the taxable year for which the
deduction is being claimed.
B.
Married individuals who file separate returns for a taxable year in which they
could have filed a joint return may each claim only one-half of the deduction provided by
this section that would have been allowed on the joint return.
C.
As used in this section, "net capital gain" means "net capital gain" as defined in
Section 1222 (11) of the Internal Revenue Code.
Source: official text