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| 1 | 1 | underscored material = new | |
| 2 | 2 | [bracketed material] = delete | |
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| 28 | 28 | SENATE BILL 140 | |
| 29 | 29 | 57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025 | |
| 30 | 30 | INTRODUCED BY | |
| 31 | 31 | Harold Pope | |
| 32 | 32 | AN ACT | |
| 33 | 33 | RELATING TO TAXATION; PROVIDING AN INCOME TAX EXEMPTION FOR | |
| 34 | 34 | INDIVIDUALS WITH CERTAIN INCOMES. | |
| 35 | 35 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | |
| 36 | 36 | SECTION 1. A new section of the Income Tax Act is enacted | |
| 37 | 37 | to read: | |
| 38 | 38 | "[NEW MATERIAL] EXEMPTION--INDIVIDUALS WITH CERTAIN | |
| 39 | 39 | INCOMES.--Income of the following is exempt from state income | |
| 40 | 40 | taxation: | |
| 41 | 41 | A. single individuals with modified gross income | |
| 42 | 42 | less than or equal to forty thousand dollars ($40,000); | |
| 43 | 43 | B. married individuals filing separate returns with | |
| 44 | 44 | modified gross income less than or equal to thirty thousand | |
| 45 | 45 | dollars ($30,000); and | |
| 46 | 46 | C. married individuals filing joint returns with | |
| 47 | 47 | .229327.1 underscored material = new | |
| 48 | 48 | [bracketed material] = delete | |
| 49 | 49 | 1 | |
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| 74 | 74 | modified gross income less than or equal to sixty thousand | |
| 75 | 75 | dollars ($60,000)." | |
| 76 | 76 | SECTION 2. APPLICABILITY.--The provisions of this act | |
| 77 | 77 | apply to taxable years beginning on or after January 1, 2025. | |
| 78 | 78 | - 2 - | |
| 79 | 79 | .229327.1 |