New Mexico § 7-2-39 Deduction from net income for certain dependents

New Mexico Statutes

§ 7-2-39 — Deduction from net income for certain dependents

New Mexico § 7-2-39

Ch. 7Taxation

Art. 2Income Tax General Provisions

This text of New Mexico § 7-2-39 (Deduction from net income for certain dependents) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 7-2-39 (2026).

Text

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

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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.