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SENATE BILL 140
57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
INTRODUCED BY
Harold Pope
AN ACT
RELATING TO TAXATION; PROVIDING AN INCOME TAX EXEMPTION FOR
INDIVIDUALS WITH CERTAIN INCOMES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Income Tax Act is enacted
to read:
"[NEW MATERIAL] EXEMPTION--INDIVIDUALS WITH CERTAIN
INCOMES.--Income of the following is exempt from state income
taxation:
A. single individuals with modified gross income
less than or equal to forty thousand dollars ($40,000);
B. married individuals filing separate returns with
modified gross income less than or equal to thirty thousand
dollars ($30,000); and
C. married individuals filing joint returns with
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modified gross income less than or equal to sixty thousand
dollars ($60,000)."
SECTION 2. APPLICABILITY.--The provisions of this act
apply to taxable years beginning on or after January 1, 2025.
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