us-nm/stat
NMSA 1978, § 7-2-5.8 — Exemption for low- and middle-income taxpayers
A.
An individual may claim an exemption in an amount specified in Subsections B
through D of this section not to exceed an amount equal to the number of federal
exemptions multiplied by two thousand five hundred dollars ($2,500) of income
includable, except for this exemption, in net income.
B.
For a married individual filing a separate return with adjusted gross income up to
twenty-seven thousand five hundred dollars ($27,500):
(1) if the adjusted gross income is not over fifteen thousand dollars ($15,000),
the amount of the exemption pursuant to this section shall be two thousand five hundred
dollars ($2,500) for each federal exemption; and
(2) if the adjusted gross income is over fifteen thousand dollars ($15,000) but
not over twenty-seven thousand five hundred dollars ($27,500), the amount of the
exemption pursuant to this section for each federal exemption shall be calculated as
follows:
(a) two thousand five hundred dollars ($2,500); less
(b) twenty percent of the amount obtained by subtracting fifteen thousand
dollars ($15,000) from the adjusted gross income.
C.
For single individuals with adjusted gross income up to thirty-six thousand six
hundred sixty-seven dollars ($36,667):
(1) if the adjusted gross income is not over twenty thousand dollars ($20,000),
the amount of the exemption pursuant to this section shall be two thousand five hundred
dollars ($2,500) for each federal exemption; and
(2) if the adjusted gross income is over twenty thousand dollars ($20,000) but
not over thirty-six thousand six hundred sixty-seven dollars ($36,667), the amount of the
exemption pursuant to this section for each federal exemption shall be calculated as
follows:
(a) two thousand five hundred dollars ($2,500); less
(b) fifteen percent of the amount obtained by subtracting twenty thousand
dollars ($20,000) from the adjusted gross income.
D.
For married individuals filing joint returns, surviving spouses or for heads of
households with adjusted gross income up to fifty-five thousand dollars ($55,000):
(1) if the adjusted gross income is not over thirty thousand dollars ($30,000),
the amount of the exemption pursuant to this section shall be two thousand five hundred
dollars ($2,500) for each federal exemption; and
(2) if the adjusted gross income is over thirty thousand dollars ($30,000) but
not over fifty-five thousand dollars ($55,000), the amount of the exemption pursuant to
this section for each federal exemption shall be calculated as follows:
(a) two thousand five hundred dollars ($2,500); less
(b) ten percent of the amount obtained by subtracting thirty thousand dollars
($30,000) from the adjusted gross income.
Source: official text