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·Ch. 7 Taxation·Art. 2 Income Tax General Provisions

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.

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