New Mexico Administrative Code › Title 3 - TAXATION › Chapter 3 - PERSONAL INCOME TAXES › Part 1 - GENERAL PROVISIONS › Section 3.3.1.10 - MODIFIED GROSS INCOME

Current through Register Vol. 35, No. 13, July 16, 2024
A.
Modified gross income definitions.
(1) The following definitions apply in
				determining the amount of modified gross income for each taxable year:
(a) "Social Security Benefits" means only
				cash payments made pursuant to Title II of the Social Security Act for old age,
				survivors and disability benefits, including any amount deducted for part B
				coverage.
(b) "Unemployment
				Compensation Benefits" means cash benefits paid through the employment security
				division of the New Mexico department of labor or any similar state agency of
				another state or any private income substitution program.
(c) "Workers' Compensation Benefits" means
				cash payments to the worker made by the employer or any insurance company
				providing workers' compensation coverage where such payments are based on the
				worker's average weekly wage, but does not include payments for medical or
				rehabilitative services, whether made directly to the provider or made to the
				worker for reimbursement of such expenses.
(d) "Public Assistance and Welfare Benefits"
				means unrestricted cash payments made under the supplemental security income
				program, the aid to families with dependent children program, general
				assistance or similar programs. It does not include medical payments or
				reimbursements under medicaid, medicare, hospital indigency programs,
				department of vocational rehabilitation programs, V.A. medical assistance,
				CHAMPUS or other such programs. It does not include housing subsidies or
				payments.
(e) "Cost of Living
				Allowances" or "Gifts" do not include provision of free room and board to
				persons when that room is provided based on financial need or noncommercial
				considerations. "Costs of living allowances" does include provision of room or
				compensation for room made during an employer-employee relationship or other
				commercial situation.
(f) "Income
				From Discharge of Indebtedness" means income which becomes available because of
				the forgiveness of a debt. It does not include debts which are discharged by
				bankruptcy or when the discharge fails to result in the availability of cash
				resources.
(g) "Gains Derived From
				Dealings in Property" mean "gains derived from dealings in property" as defined
				in 26 C.F.R. (Internal Revenue Service Income Tax Regulation) 1.61-6, as
				amended or renumbered.
(h)
				"Interest" means "interest" as defined in 26 C.F.R. (Internal Revenue Service
				Income Tax Regulation) 1.61-7, as amended or renumbered.
(i) "Net Rents" means cash income derived
				from the rental of real or personal property over and above all expenditures
				related to the rented property, including but not limited to mortgage payments,
				management expenses, housekeeping, property taxes, brokerage fees, special
				assessments and other operating charges.
(j) "Annuities" and "Income From Life
				Insurance and Endowment Contracts" mean "annuities" and "certain proceeds of
				endowment and life insurance contracts" as defined in
				26
				U.S.C. Section 72 (Internal Revenue Code of
				1986), as amended or renumbered, and regulations promulgated
				thereunder.