New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 11 - TAX CREDIT - INCOME ALLOCATION AND APPORTIONMENT
Section 3.3.11.10 - APPORTIONMENT OF PERSONAL EXEMPTION AMOUNT
Current through Register Vol. 35, No. 18, September 24, 2024
A. Any individual who has income from both within and without this state and who claims a personal exemption amount pursuant to Section 7-2-2 NMSA 1978, Subsection N, Paragraph (6) for taxable years beginning in 1987, 1988 or 1989 and Paragraph (3) for taxable years beginning on or after January 1, 1990 shall apportion the personal exemption amount claimed in accordance with this section (3.3.11.10 NMAC).
B. For taxable years beginning in 1987, 1988 or 1989, apportionment shall be accomplished by reducing the amount deducted as non-New Mexico income by an amount equal to the product of the personal exemption amount multiplied by the percentage of non-New Mexico income computed on the individual's income tax return or any schedules or attachments thereto.
C. Example: Z is a head of household with 2 dependent children. Twenty percent of Z's income for taxable year 1989 comes from outside New Mexico. Z must reduce the amount of deduction for non-New Mexico income by $1,200, computed as follows:
|
Personal exemption amount per 7-2-2 N(6) NMSA 1978 |
$2,000 |
|
Exemptions allowed for federal purposes |
x 3 |
|
Sub-Total |
$6,000 |
|
20% x $6,000 |
x .20 |
|
Adjustment to non-New Mexico income |
$1,200 |
D. For taxable years beginning on or after January 1, 1990, apportionment is accomplished in the process of determining tax due and the amount of the credit available pursuant to Subsection C of Section 7-2-11 NMSA 1978 and so no separate process is necessary to apportion the deduction amounts.
E. This version of Section 3.3.11.10 NMAC is applicable retroactively to taxable years beginning on or after January 1, 1990.
