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| 1 | 1 | underscored material = new | |
| 2 | 2 | [bracketed material] = delete | |
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| 28 | 28 | HOUSE BILL 484 | |
| 29 | 29 | 57 | |
| 30 | 30 | TH LEGISLATURE | |
| 31 | 31 | - | |
| 32 | 32 | ||
| 33 | 33 | STATE | |
| 34 | 34 | ||
| 35 | 35 | OF | |
| 36 | 36 | ||
| 37 | 37 | NEW | |
| 38 | 38 | ||
| 39 | 39 | MEXICO | |
| 40 | 40 | ||
| 41 | 41 | - | |
| 42 | 42 | FIRST SESSION | |
| 43 | 43 | , | |
| 44 | 44 | ||
| 45 | 45 | 2025 | |
| 46 | 46 | INTRODUCED BY | |
| 47 | 47 | Mark Duncan and Rod Montoya and Jonathan A. Henry | |
| 48 | 48 | and Gail Armstrong and Joshua N. Hernandez | |
| 49 | 49 | AN ACT | |
| 50 | 50 | RELATING TO TAXATION; EXEMPTING TIPS FROM INCOME TAX. | |
| 51 | 51 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | |
| 52 | 52 | SECTION 1. A new section of the Income Tax Act is enacted | |
| 53 | 53 | to read: | |
| 54 | 54 | "[NEW MATERIAL] EXEMPTION--INCOME FROM TIPS.--A resident | |
| 55 | 55 | who receives tips as compensation for services rendered by the | |
| 56 | 56 | resident or as part of wages earned by the resident may claim | |
| 57 | 57 | an exemption in the amount of the tips received from income | |
| 58 | 58 | includable, except for this exemption, in net income." | |
| 59 | 59 | SECTION 2. APPLICABILITY.--The provisions of this act | |
| 60 | 60 | apply to taxable years beginning on or after January 1, 2025. | |
| 61 | 61 | .230880.1 |