New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 4 - EXEMPTIONS
Section 3.3.4.9 - APPORTIONMENT OF SECTION 7-2-5.2 NMSA 1978 EXEMPTION
Current through Register Vol. 35, No. 18, September 24, 2024
A. Any individual who is blind or sixty-five years of age or older, who has income both within and without this state and who claims the exemption provided by Section 7-2-5.2 NMSA 1978 shall apportion the exemption amount claimed in accordance with this section (3.3.4.9 NMAC).
B. For taxable years beginning in 1987, 1988 or 1989, apportionment shall be accomplished by reducing the individual's deduction for non-New Mexico income by an amount equal to the product of the maximum allowable amount for the individual's filing status and adjusted gross income multiplied by the percentage of non-New Mexico income computed on the individual's New Mexico income tax return or any schedules or attachments thereto.
Maximum allowable amount for a single |
|
individual with $19,000 AGI |
$ 7,000 |
30% x $7,000 |
x .30 |
Adjustment to non-New Mexico Income |
$ 2,100 |
Maximum allowable amount per individual for a |
|
married couple filing jointly with $25,000 AGI |
$ 8,000 |
Multiply by 2 since both individuals qualify |
x 2 |
$16,000 |
|
10% x $16,000 |
x .10 |
Adjustment to non-New Mexico Income |
$ 1,600 |
C. 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. Accordingly, no separate process is necessary to apportion the exemption provided by Section 7-2-5.2 NMSA 1978.
D. This version of this section (3.3.4.9 NMAC) is retroactively applicable to taxable years beginning on or after January 1, 1990.