§ 7-2-1 Short title
§ 7-2-2 Definitions
§ 7-2-3 Imposition and levy of tax
§ 7-2-4 Exemptions
§ 7-2-5.2 Exemption; income of persons sixty-five and older or blind
§ 7-2-5.5 Exemption; earnings by Indians, their Indian spouses and
§ 7-2-5.6 Exemption; medical care savings accounts
§ 7-2-5.7 Exemption; income of individuals one hundred years of age or older
§ 7-2-5.8 Exemption for low- and middle-income taxpayers
§ 7-2-5.9 Exemption; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older
§ 7-2-5.10 Exemption; New Mexico national guard member premiums paid for group life insurance
§ 7-2-5.11 Exemption; armed forces salaries
§ 7-2-5.13 Exemption; armed forces retirement pay
§ 7-2-5.13 v2 Exemption; armed forces retirement pay. (Effective
§ 7-2-5.14 Exemption; social security income
§ 7-2-7 Individual income tax rates
§ 7-2-7 v2 Individual income tax rates. (Effective January 1, 2025.)
§ 7-2-7.1 Tax tables
§ 7-2-7.2 Tax rebate; 2005 taxable year. (Effective for 2005 tax year.)
§ 7-2-7.3 Exemption; 2005 taxable year rebate. (Effective for 2005 tax year.)
§ 7-2-7.4 2020 income tax rebate
§ 7-2-7.5 Supplemental 2021 income tax rebates
§ 7-2-7.6 2021 income tax rebate
§ 7-2-7.7 Additional 2021 income tax rebates
§ 7-2-9 Tax computation; alternative method
§ 7-2-10 Income taxes applied to individuals on federal areas
§ 7-2-11 Tax credit; income allocation and apportionment
§ 7-2-12 Taxpayer returns; payment of tax
§ 7-2-12.1 Limitation on claiming of credits and tax rebates
§ 7-2-12.2 Estimated tax due; payment of estimated tax; penalty
§ 7-2-13 Credit for taxes paid other states by resident individuals
§ 7-2-14 Low-income comprehensive tax rebate
§ 7-2-14.3 Tax rebate of part of property tax due from low-income taxpayer; local option; refund
§ 7-2-14.4 Authorization to fund property tax rebate for low-income taxpayers; tax imposition; election
§ 7-2-14.5 Imposition of tax; limitations
§ 7-2-18 Tax rebate of property tax due that exceeds the elderly taxpayer’s maximum property tax liability; refund
§ 7-2-18.1 Credit for expenses for dependent child day care necessary to enable gainful employment to prevent indigency
§ 7-2-18.2 Credit for preservation of cultural property; refund
§ 7-2-18.7 Tax rebate of property tax paid on property eligible for disabled veteran exemption; refund; limitation
§ 7-2-18.10 Tax credit; certain conveyances of real property
§ 7-2-18.11 Job mentorship tax credit
§ 7-2-18.13 Credit; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older
§ 7-2-18.14 Solar market development tax credit; residential and small business solar thermal and photovoltaic market development tax credit
§ 7-2-18.15 Working families tax credit
§ 7-2-18.16 Credit; special needs adopted child tax credit; created;
§ 7-2-18.17 Angel investment credit
§ 7-2-18.18 Renewable energy production tax credit
§ 7-2-18.19 Sustainable building tax credit
§ 7-2-18.22 Rural health care practitioner tax credit
§ 7-2-18.23 Refundable credit; 2007 taxable year
§ 7-2-18.24 Geothermal ground-coupled heat pump income tax credit
§ 7-2-18.26 Agricultural biomass income tax credit
§ 7-2-18.29 2015 sustainable building tax credit
§ 7-2-18.30 Foster youth employment income tax credit
§ 7-2-18.31 New solar market development income tax credit
§ 7-2-18.32 2021 sustainable building tax credit
§ 7-2-18.33 Credit; nurses; 2022 taxable year
§ 7-2-18.34 Child income tax credit
§ 7-2-18.35 Home fire recovery income tax credit
§ 7-2-18.37 Clean car charging unit income tax credit. (Repealed
§ 7-2-18.38 Geothermal electricity generation income tax credit. (Effective January 1, 2025.)
§ 7-2-18.39 Advanced energy equipment income tax credit. (Effective
§ 7-2-20 Information returns
§ 7-2-21 Fiscal years permitted
§ 7-2-21.1 Accounting methods
§ 7-2-22 Administration
§ 7-2-23 Finding[; wildlife funds]
§ 7-2-24 Optional designation of tax refund contribution [; game protection fund]
§ 7-2-24.1 Optional designation of tax refund contribution for tree plantings
§ 7-2-24.2 Optional designation of tax refund contribution; healthy soil program
§ 7-2-28 Optional designation of tax refund contribution
§ 7-2-28.1 Veterans’ state cemetery fund; created
§ 7-2-29 Finding
§ 7-2-30 Optional designation of tax refund contribution [; substance abuse education fund]
§ 7-2-30.1 Optional designation of tax refund contribution;
§ 7-2-30.2 Optional designation of tax refund contribution; energy, minerals and natural resources department; state parks division
§ 7-2-30.3 Optional designation of tax refund contribution; national guard member and family assistance
§ 7-2-30.4 Optional designation of tax refund contribution; Vietnam veterans memorial
§ 7-2-30.5 Optional designation of tax refund contribution; veterans’ enterprise fund
§ 7-2-30.6 Optional designation of tax refund contribution; lottery tuition fund
§ 7-2-30.7 Optional designation of tax refund contribution; equine shelter rescue fund
§ 7-2-30.8 Finding; optional designation of tax refund contribution;
§ 7-2-30.9 Optional designation of tax refund contribution; animal care and facility fund
§ 7-2-30.11 Optional designation of tax refund contribution; New
§ 7-2-31 Optional designation of tax refund contribution
§ 7-2-31.1 Optional refund contribution provisions; conditional repeal
§ 7-2-32 Deduction; payments into education trust fund
§ 7-2-34 Deduction; net capital gain income
§ 7-2-34 v2 Deduction; net capital gain income. (Effective January 1,
§ 7-2-36 Deduction; expenses related to organ donation
§ 7-2-37 Deduction; unreimbursed or uncompensated medical care expenses
§ 7-2-38 Deduction; income set aside for future distribution from an estate or trust to a nonresident individual
§ 7-2-39 Deduction from net income for certain dependents
§ 7-2-40 Deduction; income from leasing a liquor license
§ 7-2-41 Deduction; school supplies purchased by a public school teacher
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Terms Used In New Mexico Statutes > Chapter 7 > Article 2 - Income Tax General Provisions

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Dependent: A person dependent for support upon another.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.