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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-2-34

Deduction; net capital gain income

Official textnmonesource.comlast amended

# 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.

Amendment history

Laws 1999, ch. 205, § 1; 2003, ch. 2, § 7; 2019, ch. 270, § 14; 2024, ch. 67, § 8.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (40 sections)
  1. 7-2-18.42 · Physician tax credit
  2. 7-2-19 · Repealed
  3. 7-2-20 · Information returns
  4. 7-2-21 · Fiscal years permitted
  5. 7-2-21.1 · Accounting methods
  6. 7-2-22 · Administration
  7. 7-2-23 · Repealed
  8. 7-2-24 · Optional designation of tax refund contributions
  9. 7-2-24.1 · Repealed
  10. 7-2-24.2 · Repealed
  11. 7-2-25 · Repealed
  12. 7-2-26 · Repealed
  13. 7-2-27 · Repealed
  14. 7-2-28 · Repealed
  15. 7-2-28.1 · Veterans' state cemetery fund; created
  16. 7-2-29 · Repealed
  17. 7-2-30 · Repealed
  18. 7-2-30.1 · Repealed
  19. 7-2-30.2 · Repealed
  20. 7-2-30.3 · Repealed
  21. 7-2-30.4 · Repealed
  22. 7-2-30.5 · Repealed
  23. 7-2-30.6 · Repealed
  24. 7-2-30.7 · Repealed
  25. 7-2-30.8 · Repealed
  26. 7-2-30.9 · Repealed
  27. 7-2-30.10 · Repealed
  28. 7-2-30.11 · Repealed
  29. 7-2-31 · Repealed
  30. 7-2-31.1 · 7-2-31.1
  31. 7-2-32 · Deduction; payments into education trust fund
  32. 7-2-33 · Repealed
  33. 7-2-34 · Deduction; net capital gain income
  34. 7-2-35 · Deleted
  35. 7-2-36 · Deduction; expenses related to organ donation
  36. 7-2-37 · 7-2-37
  37. 7-2-38 · 7-2-38
  38. 7-2-39 · Deduction from net income for certain dependents
  39. 7-2-40 · Deduction; income from leasing a liquor license
  40. 7-2-41 · 7-2-41
Full table of contents →