New Mexico 2025 Regular Session

New Mexico Senate Bill SB272 Compare Versions

Only one version of the bill is available at this time.

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28	28	SENATE BILL 272
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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35	35	OF
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37	37	NEW
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
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45	45	2025
46	46	INTRODUCED BY
47	47	Crystal Brantley
48	48	AN ACT
49	49	RELATING TO TAXATION; EXEMPTING FROM INCOME TAX THE INCOME OF
50	50	AN INDIVIDUAL WHO IS A FOSTER PARENT, IS A GUARDIAN OF THE
51	51	INDIVIDUAL'S GRANDCHILD OR HAS ADOPTED THE INDIVIDUAL'S
52	52	GRANDCHILD.
53	53	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
54	54	SECTION 1. A new section of the Income Tax Act is enacted
55	55	to read:
56	56	"[NEW MATERIAL] EXEMPTION--INCOME OF FOSTER PARENTS,
57	57	GUARDIAN GRANDPARENTS AND ADOPTIVE GRANDPARENTS.--
58	58	A. The income of an individual who, during the
59	59	entire taxable year, is a foster parent of a child, is a
60	60	guardian of the individual's grandchild or has adopted the
61	61	individual's grandchild is exempt from state income tax for
62	62	that taxable year; provided that the child or grandchild has
63	63	.229958.2 underscored material = new
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90	90	not reached eighteen years of age during the taxable year.
91	91	B. The exemption provided by this section shall be
92	92	included in the tax expenditure budget pursuant to Section
93	93	7-1-84 NMSA 1978, including the annual aggregate cost of the
94	94	exemption.
95	95	C. As used in this section:
96	96	(1) "foster parent" means a person licensed or
97	97	certified by the children, youth and families department or a
98	98	child placement agency to provide care for children in the
99	99	custody of the department or agency; and
100	100	(2) "guardian" means a person appointed as a
101	101	guardian pursuant to the Kinship Guardianship Act."
102	102	SECTION 2. APPLICABILITY.--The provisions of this act
103	103	apply to taxable years beginning on or after January 1, 2025.
104	104	- 2 -
105	105	.229958.2