us-nm/stat
NMSA 1978, § 7-2-39 — Deduction from net income for certain dependents
A.
As long as the exemption amount pursuant to Section 151 of the Internal
Revenue Code means zero, a taxpayer who is not a dependent of another individual
and files a return as a head of household or married filing jointly may claim a deduction
from net income in an amount equal to the product of four thousand dollars ($4,000)
multiplied by the difference between the number of dependents claimed on the
taxpayer's return and one.
B.
A taxpayer allowed a deduction pursuant to this section shall report the amount
of the deduction to the department in a manner required by the department.
C.
The deduction provided by this section shall be included in the tax expenditure
budget pursuant to Section 7-1-84 NMSA 1978, including the annual aggregate cost of
the deduction.
D.
As used in this section, "dependent" means "dependent" as defined in Section
152 of the Internal Revenue Code.
Source: official text