New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 4 - EXEMPTIONS
Section 3.3.4.11 - MEDICAL CARE SAVINGS ACCOUNT AMOUNTS

Universal Citation: 3 NM Admin Code 3.3.4.11
Current through Register Vol. 35, No. 18, September 24, 2024

Any amount exempt from taxation under the Income Tax Act by the provisions of the Medical Care Savings Account Act that is excluded, exempted or deducted in determining federal taxable income may not be deducted from base income in determining net income. With respect to such an amount, the exemption under Section 7-2-5.6 NMSA 1978 is provided through the process of determining federal taxable income.

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