reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-18.33 - Credit; nurses; 2022 taxable year.

A. For taxable year 2022, a taxpayer who is not a dependent of another individual and who was employed full time as a nurse at a hospital located in New Mexico may apply for, and the department may allow, a tax credit against the taxpayer's tax liability pursuant to the Income Tax Act pursuant to the provisions of this section.
B. The amount of tax credit allowed pursuant to this section shall be in an amount equal to one thousand dollars ($1,000).
C. To receive a tax credit provided by this section, a taxpayer shall apply to the department on forms and in the manner prescribed by the department. The application shall include a certification by the hospital for which the taxpayer was employed in 2022 that the taxpayer was employed full time throughout 2022 as a nurse by the hospital.
D. That portion of the tax credit that exceeds a taxpayer's tax liability in the taxable year in which the credit is claimed shall be refunded to the taxpayer.
E. A taxpayer allowed a tax credit pursuant to this section shall report the amount of the credit to the taxation and revenue department in a manner required by that department.
F. The department shall compile an annual report on the tax credit provided by this section that shall include the number of taxpayers approved by the department to receive the credit, the aggregate amount of credits approved and any other information necessary to evaluate the credit. The department shall present the report to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the cost of the tax credit.
G. As used in this section:
(1) "full time" means working at least thirty hours per week for forty-four weeks per year;
(2) "hospital" means a facility licensed as a hospital by the department of health; and
(3) "nurse" means a person licensed as a registered nurse or licensed practical nurse pursuant to the Nursing Practice Act [Chapter 61, Article 3 NMSA 1978].
History:
Laws 2022, ch. 47, § 3.
ANNOTATIONS
Effective dates.
— Laws 2022, ch. 47, § 3 was effective May 18, 2022, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-19 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1990, ch. 49, § 19 repealed 7-2-19 NMSA 1978, as enacted by Laws 1965, ch. 202, § 12, relating to credit for taxes paid other states by nonresident individuals, effective May 16, 1990. For provisions of former section,
see
the 1989 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-20 - Information returns.

A. Pursuant to regulation, the secretary may require any person doing business in this state and making payments in the course of business to another person to file information returns with the department.
B. The provisions of this section also apply to payments made by the state of New Mexico, by the governing bodies of any political subdivision of the state of New Mexico, by any agency, department or instrumentality of the state or of any political subdivision thereof and, to the extent permitted by law or pursuant to any agreement entered into by the secretary, to payments made by any other governmental body or by an agency, department or instrumentality thereof.
History:
1953 Comp., § 72-15A-13, enacted by Laws 1965, ch. 202, § 13; 1981, ch. 37, § 30; 1983, ch. 213, § 6; 1990, ch. 49, § 11.
ANNOTATIONS
The 1990 amendment,
effective May 16, 1990, substituted "secretary" for "director" in Subsections A and B and "department" for "division" at the end of Subsection A.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 71 Am. Jur. 2d State and Local Taxation § 589.
85 C.J.S. Taxation § 1699.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-21 - Fiscal years permitted.

Any individual who files income tax returns under the Internal Revenue Code on the basis of a fiscal year shall report income under the Income Tax Act on the same basis.
History:
1953 Comp., § 72-15A-14, enacted by Laws 1965, ch. 202, § 14; 1981, ch. 37, § 31.
ANNOTATIONS
Cross references.
— For returns and payment generally,
see
7-2-12 NMSA 1978.
For the Internal Revenue Code,
see
26 U.S.C. § 1 et seq.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Section 52(a) of the Internal Revenue Code requiring receivers, trustees in bankruptcy or assignees operating business or property of corporations to make income tax returns and the like, 31 A.L.R.2d 877.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-21.1 - Accounting methods.

A taxpayer shall use the same accounting methods for reporting income for New Mexico income tax purposes as are used in reporting income for federal income tax purposes.
History:
1978 Comp., § 7-2-21.1, enacted by Laws 1981, ch. 37, § 32.
ANNOTATIONS
Effective dates.
— Laws 1981, ch. 37 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 1981, 90 days after the adjournment of the legislature.
Cross references.
— For accounting methods used by corporations,
see
7-2A-11 NMSA 1978.
For deduction of accounting services from gross receipts by corporation,
see
7-9-69 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references.
— 71 Am. Jur. 2d State and Local Taxation §§ 578, 579.
85 C.J.S. Taxation § 1759.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-22 - Administration.

The Income Tax Act shall be administered pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978].
History:
1953 Comp., § 72-15A-15, enacted by Laws 1965, ch. 202, § 18; 1981, ch. 37, § 33.
ANNOTATIONS
Cross references.
— For provisions applicable to administration and enforcement,
see
7-1-2 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-23 - Finding[; wildlife funds].

The legislature finds that it is in the public interest to provide additional wildlife funds to perpetuate the renewable wildlife resource of New Mexico that gives so much pleasure and recreation to all New Mexicans. This act [7-2-23 to 7-2-25 NMSA 1978] provides a means by which additional wildlife funds may be provided from a voluntary check-off designation of tax refunds due the taxpayer on the state income tax form. It is the intent of the legislature that this program of income tax refund check-off is supplemental to any other funding and is in no way intended to take the place of the funding that would otherwise be appropriated for this purpose.
History:
Laws 1981, ch. 343, § 1.
ANNOTATIONS
Effective dates.
— Laws 1981, ch. 343 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 1981, 90 days after the adjournment of the legislature.
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-24 - Optional designation of tax refund contribution [; game protection fund].

A. Except as otherwise provided in Subsection C of this section, any individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due him to be paid into the game protection fund. In the case of a joint return, both individuals must make such designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in substantially the following form:
"New Mexico Game Protection Fund - Check [ ]
if you wish to contribute a part or all
of your tax refund to the Game Protection
Fund. Enter here $ ____________ the amount of your contribution."
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978] and any designation made under the provisions of this section to such refunds is void.
History:
Laws 1981, ch. 343, § 2; 1987, ch. 277, § 4.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-24.1 - Optional designation of tax refund contribution for tree plantings.

A. Except as otherwise provided in Subsection C of this section, any individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due him to be paid into the conservation planting revolving fund. In the case of a joint return, both individuals must make such designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in substantially the following form:
"Conservation Planting Revolving Fund - Check if you wish to [ ]
contribute a part or all of your tax refund to the Conservation Planting Revolving Fund to pay for the planting of trees in New Mexico. Enter here $ __________ the amount of your contribution."
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978] and any designation made under the provisions of this section to such refunds is void.
History:
1978 Comp., § 7-2-24.1, enacted by Laws 1992, ch. 108, § 4.
ANNOTATIONS
Effective dates.
— Laws 1992, ch. 108 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 20, 1992, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-24.2 - Optional designation of tax refund contribution; healthy soil program.

A. An individual whose state income tax liability after application of allowable credits and tax rebates in a year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate a portion of the income tax refund due to the individual to be paid to the board of regents of New Mexico state university for support of the healthy soil program in the New Mexico department of agriculture. In the case of a joint return, both individuals must make such a designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"Healthy Soil Program - Check [ ] if you wish to contribute a part or all of your tax refund for the support of the healthy soil program in the New Mexico department of agriculture. Enter here $_________ the amount of your contribution.".
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act, and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2021, ch. 90, § 1.
ANNOTATIONS
Effective dates.
— Laws 2021, ch. 90 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 18, 2021, 90 days after adjournment of the legislature.
Applicability.
— Laws 2021, ch. 90, § 2 provided that the provisions of Laws 2021, ch. 90, § 1 apply to taxable years beginning on or after January 1, 2021.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-25 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1987, ch. 277, § 7 repealed 7-2-25 NMSA 1978, as enacted by Laws, 1981, ch. 343, § 3, relating to contributions credited to game protection fund, effective June 19, 1987.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-26 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1985, ch. 154, § 6 repealed 7-2-26 NMSA 1978, as enacted by Laws 1985, ch. 154, § 3, relating to distribution of the statue of liberty fund, effective December 31, 1986.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-27 - Repealed.

History:
1978 Comp., § 7-2-27, enacted by Laws 1987, ch. 257, § 2; repealed by 2016, ch. 7, § 4.
ANNOTATIONS
Repeals.
— Laws 2016, ch. 7, § 4 repealed 7-2-27 NMSA 1978, as enacted by Laws 1987, ch. 257, § 2, relating to legislative findings and intent, effective May 18, 2016. For provisions of former section,
see
the 2015 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-28 - Optional designation of tax refund contribution.

A. Any individual whose state income tax liability in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due to be paid into the veterans' state cemetery fund. In the case of a joint return, both individuals must make such designation.
B. The secretary shall revise the state income tax form to allow the designation by individual taxpayers of such contributions in substantially the following form:
"New Mexico Veterans' State Cemetery Fund Check [ ] if you wish to contribute a part or all of your tax refund to the Veterans' State Cemetery Fund. Enter here $___________ the amount of your contribution.".
C. The provisions of this section do not apply to refund amounts intercepted under the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation under the provisions of this section with respect to such intercepted refunds is void.
History:
1978 Comp., § 7-2-28, enacted by Laws 1987, ch. 257, § 3; 2011, ch. 42, § 3; 2016, ch. 7, § 2.
ANNOTATIONS
Delayed repeals.
— Laws 1987, ch. 257, § 6 repealed 7-2-28 NMSA 1978, as enacted by Laws 1987, ch. 257, § 3, relating to legislative findings and intent as to additional funds to increase the size of the Santa Fe national cemetery, effective on the January 1 of the year following the year on which the sum of contributions received on or after January 1, 1988, pursuant to 7-2-28 NMSA 1978, equals or exceeds $1,070,000.
The 2016 amendment,
effective May 18, 2016, changed the name of the veterans' national cemetery fund to the veterans' state cemetery fund; in Subsection A, after "veterans'", deleted "national" and added "state"; in Subsection B, after each occurrence of "Veterans'", deleted "National" and added "State".
The 2011 amendment,
effective June 17, 2011, made stylistic changes.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-28.1 - Veterans' state cemetery fund; created.

The "veterans' state cemetery fund" is created as a nonreverting fund in the state treasury. The fund consists of appropriations, gifts, grants, donations and amounts designated pursuant to Section 7-2-28 NMSA 1978. Money in the fund at the end of a fiscal year shall not revert to any other fund. The veterans' services department shall administer the fund, and money in the fund is appropriated to the veterans' services department.
History:
Laws 2011, ch. 42, § 1; 2016, ch. 7, § 3.
ANNOTATIONS
The 2016 amendment,
effective May 18, 2016, changed the name of the veterans' national cemetery fund to the veterans' state cemetery fund, and removed a reference to a repealed section of the NMSA 1978; in the heading, after "veterans'", deleted "national" and added "state", in the first sentence, after ""veterans'", deleted "national" and added "state", and in the last sentence, after "services department", deleted "to carry out the intent of Section 7-2-27 NMSA 1978".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-29 - Finding.

The legislature finds that it is in the public interest to provide additional funds to ensure that substance abuse educational programs are provided in New Mexico schools. This act provides a means by which additional substance abuse education funds may be provided from a voluntary check-off designation of tax refunds due the taxpayer on the state income tax form. It is the intent of the legislature that this program of income tax refund check-off is supplemental to any other funding and is in no way intended to take the place of the funding that would otherwise be appropriated for this purpose.
History:
Laws 1987, ch. 265, § 1.
ANNOTATIONS
Effective dates.
— Laws 1987, ch. 265 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 1987, 90 days after the adjournment of the legislature.
Compiler's notes.
— The term "this act", referred to in this section, means Laws 1987, Chapter 265, which appears as §§ 7-1-6.18, 7-2-29, 7-2-30, 26-2-4, 26-2-4.1 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30 - Optional designation of tax refund contribution [; substance abuse education fund].

A. Any individual whose state income tax liability in any year is lower than the amount of money held by the taxation and revenue department to the credit of such individual for that tax year may designate any portion of the income tax refund due him to be paid into the substance abuse education fund. In the case of a joint return, both individuals must make such designation.
B. The secretary of the department shall revise the state income tax form to allow the designation by individual taxpayers of such contributions in substantially the following form:
"New Mexico Substance Abuse Education Fund - Check [ ]
if you wish to contribute a part or all
of your tax refund to the Substance Abuse
Education Fund. Enter here $ ____________ the amount of your contribution.".
C. The provisions of this section do not apply to refund amounts intercepted under the tax refund intercept program and any designation under the provisions of this section with respect to such intercepted refunds is void.
History:
Laws 1987, ch. 265, § 2.
ANNOTATIONS
Bracketed material.
— The bracketed material was inserted by the compiler and is not part of the law.
Effective dates.
— Laws 1987, ch. 265 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 19, 1987, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.1 - Optional designation of tax refund contribution; amyotrophic lateral sclerosis research fund.

A. Except as otherwise provided in Subsection C of this section, any individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due to the individual to be paid to the amyotrophic lateral sclerosis research fund. In the case of a joint return, both individuals must make such a designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"Amyotrophic Lateral Sclerosis Research Fund -
Check [ ] if you wish to contribute a part or all of your tax refund to the amyotrophic lateral sclerosis research fund for amyotrophic lateral sclerosis (Lou Gehrig's disease) research. Enter here $_________ the amount of your contribution.".
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2005, ch. 56, § 2.
ANNOTATIONS
Cross references.
— For the amyotrophic lateral sclerosis research fund,
see
24-20-4 NMSA 1978.
Effective dates.
— Laws 2005, ch. 56, § 2 applies to taxable years beginning on or after January 1, 2005.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.2 - Optional designation of tax refund contribution; energy, minerals and natural resources department; state parks division.

A. Except as otherwise provided in Subsection C of this section, an individual whose state income tax liability after application of allowable credits and tax rebates in a year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate a portion of the income tax refund due to the individual to be paid to the state parks division of the energy, minerals and natural resources department for the kids in parks education program. In the case of a joint return, both individuals must make such designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"State Parks Division Check if you wish to contribute a part or all [ ]
of your tax refund to the state parks division of the energy, minerals and
natural resources department for the kids in parks education program.
Enter here $__________ the amount of your contribution."
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2005, ch. 87, § 2.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 87 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 2005, 90 days after adjournment of the legislature.
Applicability.
— Laws 2005, ch. 87, § 3 provided that Laws 2005, ch. 87, § 2 apply to taxable years beginning on or after January 1, 2005.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.3 - Optional designation of tax refund contribution; national guard member and family assistance.

A. Except as otherwise provided in Subsection C of this section, an individual whose state income tax liability after application of allowable credits and tax rebates in a year is lower than the amount of money held by the department to the credit of the individual for that tax year may designate a portion of the income tax refund due to the individual to be contributed for assistance to members of the New Mexico national guard and to their families. In the case of a joint return, both individuals must make such a designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"National Guard Member and Family Assistance Check [ ] if you wish to contribute a part or all of your tax refund for assistance to members of the New Mexico national guard and to their families. Enter here $_____ the amount of your contribution.".
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2005, ch. 220, § 2; 2015, ch. 150, § 2; 2018, ch. 4, § 2.
ANNOTATIONS
The 2018 amendment,
effective July 1, 2018, changed the eligibility requirements for National Guard members to receive assistance from income tax refund contributions; in Subsection A, after "New Mexico national guard", deleted "activated for overseas service"; and in Subsection B, after "New Mexico national guard", deleted "activated for overseas service".
The 2015 amendment,
effective April 10, 2015, authorized a designation of tax refund contribution for assistance to members of the New Mexico national guard activated for overseas service; and in Subsections A and B, after "activated for", added "overseas", and after "service", deleted "in the global war on terrorism".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.5 - Optional designation of tax refund contribution; veterans' enterprise fund.

A. Except as otherwise provided in Subsection C of this section, any individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due to the individual to be paid to the veterans' enterprise fund. In the case of a joint return, both individuals must make such a designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"Veterans' Enterprise Fund - Check [ ] if you wish to contribute a part or all of your tax refund to the veterans' enterprise fund to carry out the programs, duties or services of the veterans' services department. Enter here $_________ the amount of your contribution.".
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2012, ch. 7, § 1.
ANNOTATIONS
Effective dates.
— Laws 2012, ch. 7 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 16, 2012, 90 days after the adjournment of the legislature.
Applicability.
— Laws 2012, ch. 7, § 2 provided that the provisions of Laws 2012, ch. 7, § 1 apply to taxable years beginning on or after January 1, 2013.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.6 - Optional designation of tax refund contribution; lottery tuition fund.

A. Except as otherwise provided in Subsection C of this section, any individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due to the individual to be paid to the lottery tuition fund. In the case of a joint return, both individuals must make such a designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"Lottery Tuition Fund - Check [ ] if you wish to contribute a part or all of your tax refund to the lottery tuition fund to provide tuition assistance for New Mexico resident undergraduates. Enter here $_________ the amount of your contribution.".
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2012, ch. 57, § 1.
ANNOTATIONS
Effective dates.
— Laws 2012, ch. 57 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 16, 2012, 90 days after the adjournment of the legislature.
Applicability.
— Laws 2012, ch. 57, § 2 provided that the provisions of Laws 2012, ch. 57, § 1 apply to taxable years beginning on or after January 1, 2013.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.7 - Optional designation of tax refund contribution; equine shelter rescue fund.

A. Any individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due to the individual to be paid to the equine shelter rescue fund. In the case of a joint return, both individuals must make such a designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"Equine Shelter Rescue Fund - Check [ ] if you wish to contribute a part or all of your tax refund to the equine shelter rescue fund. Enter here $_________ the amount of your contribution.".
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2013, ch. 49, § 2; 2023, ch. 45, § 1.
ANNOTATIONS
The 2023 amendment,
effective July 1, 2023, changed the name of the Horse Shelter Rescue Fund to the Equine Shelter Rescue Fund; substituted "equine" for each occurrence of "horse" throughout the section.
Applicability.
— Laws 2013, ch. 49, § 3 provided that the provisions of Laws 2013, ch. 49, § 2 apply to taxable years beginning on or after January 1, 2013.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.9 - Optional designation of tax refund contribution; animal care and facility fund.

A. An individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of that individual for that tax year may designate a portion of the income tax refund due to the individual to be paid to the animal care and facility fund to carry out the statewide dog and cat spay and neuter program. In the case of a joint return, both individuals must make that designation.
B. The department shall revise the state income tax form to allow the designation of a contribution in the following form:
"Statewide Dog and Cat Spay and Neuter Program - Check [ ] if you wish to contribute a part or all of your tax refund to the Animal Care and Facility Fund to carry out the statewide dog and cat spay and neuter program. Enter here $_________ the amount of your contribution.".
C. The provisions of this section do not apply to an income tax refund subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and a designation made pursuant to the provisions of this section to that refund is void.
History:
Laws 2015, ch. 82, § 1.
ANNOTATIONS
Effective dates.
— Laws 2015, ch. 82, § 6 made Laws 2015, ch. 82, § 1 effective July 1, 2015.
Applicability.
— Laws 2015, ch. 82, § 5 provided that the provisions of Laws 2015, ch. 82, § 1 apply to taxable years beginning on or after January 1, 2015.
The provisions of Laws 2015, ch. 82, § 3 that require money collected pursuant to 66-3-424.3 NMSA 1978 to be deposited in the statewide spay and neuter subaccount apply to collections made on and after July 1, 2015.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.10 - Repealed.

History:
Laws 2017, ch. 116, § 1; repealed by Laws 2017, ch. 116, § 3.
ANNOTATIONS
Repeals.
— Laws 2017, ch. 116, § 3 repealed 7-2-30.10 NMSA 1978, as enacted by Laws 2017, ch. 116, § 1, relating to optional designation of tax refund contribution, sexual assault examination kit processing grant fund, sexual assault services, effective January 1, 2023. For provisions of former section,
see
the 2022 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-30.11 - Optional designation of tax refund contribution; New Mexico housing trust fund.

A. Any individual whose state income tax liability after application of allowable credits and tax rebates in any year is lower than the amount of money held by the department to the credit of such individual for that tax year may designate any portion of the income tax refund due to the individual to be paid to the New Mexico housing trust fund. In the case of a joint return, both individuals must make such a designation.
B. The department shall revise the state income tax form to allow the designation of such contributions in the following form:
"New Mexico Housing Trust Fund - Check [ ] if you wish to contribute a part or all of your tax refund to the New Mexico Housing Trust Fund for affordable housing programs. Enter here $_________ the amount of your contribution.".
C. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 2018, ch. 51, § 1.
ANNOTATIONS
Effective dates.
— Laws 2018, ch. 51 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 16, 2018, 90 days after the adjournment of the legislature.
Applicability.
— Laws 2018, ch. 51, § 2 provided that the provisions of Laws 2018, ch. 51, § 1 apply to taxable years beginning on or after January 1, 2018.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-31 - Optional designation of tax refund contribution.

A. Any individual whose state income tax liability in any year is lower than the amount of money held by the taxation and revenue department to the credit of that individual for that tax year may designate two dollars ($2.00) of the income tax refund due the individual to be paid to a state political party. "State political party", for the purposes of this section, means those parties that on January 1 of the taxable year for which the return is filed meet the requirements of Section 1-7-2(A) NMSA 1978. In the case of a joint return, each individual may make a designation.
B. The secretary of taxation and revenue shall revise the state income tax form to allow on the face of the form the designation by individual taxpayers of contributions to state political parties in substantially the following form:
"New Mexico Political Party Income Tax Refund Check-Off - Check if you wish to contribute two dollars ($2.00) of your income tax refund to a state political party that qualifies as such under Section 1-7-2 NMSA 1978. My contribution should be made to the ______________________________ party."(name of state political party)
C. The secretary of taxation and revenue shall provide a list on the state income tax form of the qualified state political parties to which the taxpayer may make a contribution.
D. The provisions of this section do not apply to income tax refunds subject to interception under the provisions of the Tax Refund Intercept Program Act [Chapter 7, Article 2C NMSA 1978], and any designation made under the provisions of this section to such refunds is void.
History:
Laws 1992, ch. 108, § 1.
ANNOTATIONS
Effective dates.
— Laws 1992, ch. 108 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 20, 1992, 90 days after the adjournment of the legislature.
Cross references.
— For contributions to conservation planting revolving fund,
see
7-1-6.34 NMSA 1978.
For contributions to proper state political party,
see
7-1-6.35 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-31.1 - Optional refund contribution provisions; conditional repeal.

A. By August 31, 2000, and by August 31 of every succeeding year, the secretary shall determine the total amount contributed through the preceding July 31 on returns filed for taxable years ending in the preceding calendar year pursuant to each provision of the Income Tax Act that allows a taxpayer the option of directing the department to contribute all or any part of an income tax refund due the taxpayer to a specified account, fund or entity.
B. If the secretary's determination pursuant to Subsection A of this section regarding an optional refund contribution provision is that the total amount contributed is less than five thousand dollars ($5,000), exclusive of directions for contributions disregarded under Subsection C of this section, the secretary shall certify that fact to the secretary of state. Any optional refund contribution provision for which a certification is made for three consecutive years is repealed, effective on the January 1 following the third certification.
C. The department shall disregard a direction on a return to make an optional refund contribution if the amount of refund due on the return is determined by the department to be less than the sum of the amounts directed to be contributed.
D. Notwithstanding the provisions of Section 7-1-26 NMSA 1978, a taxpayer may not claim and the department may not allow a refund with respect to any optional refund contribution that was made by the department at the direction of the taxpayer.
History:
Laws 1999, ch. 47, § 5.
ANNOTATIONS
Effective dates.
— Laws 1999, ch. 47 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 1999, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-32 - Deduction; payments into education trust fund.

A taxpayer may claim a deduction from net income in an amount equal to the payments made by the taxpayer into the education trust fund pursuant to an education investment agreement or prepaid tuition contract under the Education Trust Act [Chapter 21, Article 21K NMSA 1978] in the taxable year for which the deduction is being claimed. The amount of payments made on behalf of any one beneficiary that may be deducted shall not exceed in the aggregate the cost of attendance at the applicable institution of higher education, as determined by the education trust board. Married individuals who file separate returns for the taxable year in which they could have filed a joint return may each claim only one-half of the deduction that would have been allowed on the joint return. Individuals having income both within and without this state shall apportion this deduction in accordance with regulations of the secretary.
History:
Laws 1997, ch. 259, § 8; 2023, ch. 17, § 2.
ANNOTATIONS
The 2023 amendment,
effective June 16, 2023, after "education trust fund pursuant to", deleted "a college" and added "an education", and deleted "A husband and wife" and added "Married individuals".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-33 - Repealed.

ANNOTATIONS
Repeals.
— Laws 2003, ch. 275, § 6 repealed 7-2-33 NMSA 1978, as enacted by Laws 1997, ch. 259, § 9, relating to education trust fund; earnings tax exempt; withdrawals are taxable income; authority to withhold tax, effective June 20, 2003. For provisions of former section,
see
the 2002 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-34 - Deduction; net capital gain income.

A. Except as provided in Subsection C of this section, a taxpayer may claim a deduction from net income in an amount equal to the greater of:
(1) the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed, but not to exceed one thousand dollars ($1,000); or
(2) forty percent of the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed.
B. Married individuals who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the deduction provided by this section that would have been allowed on the joint return.
C. A taxpayer may not claim the deduction provided in Subsection A of this section if the taxpayer has claimed the credit provided in Section 7-2D-8.1 NMSA 1978.
D. As used in this section, "net capital gain" means "net capital gain" as defined in Section 1222 (11) of the Internal Revenue Code.
History:
Laws 1999, ch. 205, § 1; 2003, ch. 2, § 7; 2019, ch. 270, § 14.
ANNOTATIONS
Cross references.
— For Section 1222(11) of the Internal Revenue Code,
see
26 U.S.C. § 1222.
The 2019 amendment,
effective June 14, 2019, reduced the capital gains deduction from fifty percent to forty percent of the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed; in Subsection A, Paragraph A(2), deleted "the following percentage" and added "forty percent", and deleted former Subparagraphs A(2)(a) through A(2)(e); and in Subsection B, deleted "A husband and wife" and added "Married individuals".
Temporary provisions.
— Laws 2019, ch. 270, § 55, provided that a taxpayer who paid income tax for taxable year 2019 in installments through withholding or estimated tax payments pursuant to Section 7-2-12.2 NMSA 1978 but underpaid due to the changes made to Section 7-2-34 NMSA 1978 pursuant to this act shall not be subject to penalties and interest provisions of the Tax Administration Act for the underpayment; provided that the underpayment is solely attributable to the changes made to Section 7-2-34 NMSA 1978 pursuant to this act.
Applicability.
— Laws 2019, ch. 270, § 59 provided the provisions of Laws 2019, ch. 270, § 14 apply to taxable years beginning on or after January 1, 2019.
The 2003 amendment,
effective June 20, 2003, in Subsection A, inserted "the greater of:" and the end, added the Paragraph A(1) designation, added Paragraph A(2); added the Subsection B designation and redesignated the remaining subsections accordingly.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-35 - Deleted.

History:
Laws 2000 (2nd S.S.), ch. 7, § 1.
ANNOTATIONS
Compiler's notes.
— Laws 2000 (2nd S.S.), ch. 7, § 3 provided that the provisions of Laws 2000 (2nd S.S.), ch. 7, § 1 "shall not become effective unless Senate Bill 33 or similar bill of the second special session of the forty-fourth legislature is enacted into law and the General Appropriation Act of 2000 passed by the second special session of the forty-fourth legislature and enacted into law includes an appropriation of four million nine hundred seventy-five thousand dollars ($4,975,000) for the sole purpose of implementing an amendment to the state medicaid plan making eligible an individual who is the parent of a child under nineteen years of age who resides with that parent and whose family income does not exceed sixty percent of the federal poverty guidelines."
Senate Bill 33, referred to above, was vetoed by the governor. The appropriation of $4,975,000, referred to above, was in Laws 2000 (2nd S.S.), ch. 5, but was line item vetoed by the governor. Therefore, Section 7-2-35 NMSA 1978 failed to become effective and was deleted by the compiler.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-36 - Deduction; expenses related to organ donation.

A. A taxpayer may claim a deduction from net income in an amount not to exceed ten thousand dollars ($10,000) of organ donation-related expenses, including lost wages, lodging expenses and travel expenses, incurred during the taxable year by the taxpayer or the taxpayer's dependent as a result of the taxpayer's or dependent's donation of a human organ to another person for transfer of that human organ to the body of another person.
B. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the deduction provided by this section that would have been allowed on a joint return.
C. For the purposes of this section:
(1) "dependent" means "dependent" as defined by Section 152 of the Internal Revenue Code, as that section may be amended or renumbered; and
(2) "human organ" means all or part of a heart, liver, pancreas, kidney, intestine, lung or bone marrow.
History:
Laws 2005, ch. 113, § 1.
ANNOTATIONS
Cross references.
— For the Internal Revenue Code,
see
26 U.S.C. Sections 1
et seq.
Effective dates.
— Laws 2005, ch. 113 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 2005, 90 days after adjournment of the legislature.
Applicability.
— Laws 2005, ch. 113, § 2 provided that Laws 2005, ch. 113 , § 1 apply to taxable years beginning on or after January 1, 2005.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2 - Income Tax General Provisions › Section 7-2-39 - Deduction from net income for certain dependents.

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 department shall compile an annual report on the deduction provided by this section that shall include the number of taxpayers that claimed the deduction, the aggregate amount of deductions claimed and any other information necessary to evaluate the effectiveness of the deduction. The department shall present the annual report to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the cost of the deduction.
D. As used in this section, "dependent" means "dependent" as defined in Section 152 of the Internal Revenue Code.
History:
Laws 2019, ch. 270, § 15.
ANNOTATIONS
Cross references.
— For Sections 151 and 152 of the Internal Revenue Code,
see
26 U.S.C. §§ 151 and 152 respectively.
Effective dates.
— Laws 2019, ch. 270 contained no effective date provision for Laws 2019, ch. 270, § 15, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2019, 90 days after adjournment of the legislature.
Applicability.
— Laws 2019, ch. 270, § 59 provided that Laws 2019, ch. 270, § 15 apply to taxable years beginning on or after January 1, 2019.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2A - Corporate Income and Franchise Tax › Section 7-2A-1 - Short title.

Chapter 7, Article 2A NMSA 1978 may be cited as the "Corporate Income and Franchise Tax Act".
History:
1978 Comp., § 7-2A-1, enacted by Laws 1981, ch. 37, § 34; 1986, ch. 20, § 32.
ANNOTATIONS
Law reviews.
— For article, "New Mexico Taxes: Taking Another Look," see 32 N.M.L. Rev. 351 (2002).
Am. Jur. 2d, A.L.R. and C.J.S. references.
— Decision to take foreign income taxes as federal credit under § 901 of the Internal Revenue Code (26 USCS § 901) as precluding their deduction for state income tax purposes, 77 A.L.R.4th 823.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 2A - Corporate Income and Franchise Tax › Section 7-2A-4.1 - Repealed.

History:
Laws 2022, ch. 46, § 2; repealed by Laws 2023, ch. 159, § 4.
ANNOTATIONS
Repeals.
— Laws 2023, ch. 159, § 4 repealed 7-2A-4.1 NMSA 1978, as enacted by Laws 2022, ch. 46, § 2, relating to exemption, income subject to entity-level tax, effective June 16, 2023. For provisions of former section,
see
the 2022 NMSA 1978 on
NMOneSource.com
.