NMSA 1978, § 7-2-5.2 — Exemption; income of persons sixty-five and older or blind

Any individual sixty-five years of age or older or who, for federal income tax
purposes, is blind may claim an exemption in an amount specified in Subsections A
through C of this section not to exceed eight thousand dollars ($8,000) of income
includable except for this exemption in net income. Individuals having income both
within and without this state shall apportion this exemption in accordance with
regulations of the secretary:

# A.

for married individuals filing separate returns, for any taxable year beginning on
or after January 1, 1987:
If adjusted
gross income is:
The maximum amount of
exemption allowable under
this section shall be:
Not over $15,000 $8,000
Over $15,000 but not over $16,500 $7,000
Over $16,500 but not over $18,000 $6,000
Over $18,000 but not over $19,500 $5,000
Over $19,500 but not over $21,000 $4,000
Over $21,000 but not over $22,500 $3,000
Over $22,500 but not over $24,000 $2,000
Over $24,000 but not over $25,500 $1,000
Over $25,500 0.

# B.

for heads of household, surviving spouses and married individuals filing joint
returns, for any taxable year beginning on or after January 1, 1987:
If adjusted
gross income is:
The maximum amount of
exemption allowable under
this section shall be:
Not over $30,000 $8,000
Over $30,000 but not over $33,000 $7,000
Over $33,000 but not over $36,000 $6,000
Over $36,000 but not over $39,000 $5,000
Over $39,000 but not over $42,000 $4,000
Over $42,000 but not over $45,000 $3,000
Over $45,000 but not over $48,000 $2,000
Over $48,000 but not over $51,000 $1,000
Over $51,000 0.

# C.

for single individuals, for any taxable year beginning on or after January 1, 1987:
If adjusted
gross income is:
The maximum amount of
exemption allowable under
this section shall be:
Not over $18,000 $8,000
Over $18,000 but not over $19,500 $7,000
Over $19,500 but not over $21,000 $6,000
Over $21,000 but not over $22,500 $5,000
Over $22,500 but not over $24,000 $4,000
Over $24,000 but not over $25,500 $3,000
Over $25,500 but not over $27,000 $2,000
Over $27,000 but not over $28,500 $1,000
Over $28,500 0.