Section 7-1-36 - Property exempt from levy. - New Mexico Statutes

7-1-36. Property exempt from levy.

A.     There shall be exempt from levy the money or property of a delinquent taxpayer in a total amount or value not in excess of one thousand dollars ($1,000).   

B.     In addition to the property exempt under Subsection A of this section, there shall also be exempt from levy on an employer of the taxpayer the greater of the following portions of the taxpayer's disposable earnings:   

(1)     seventy-five percent of the taxpayer's disposable earnings for any pay period; or   

(2)     an amount each week equal to forty times the federal minimum hourly wage rate.   

The superintendent of the regulation and licensing department shall provide a table giving equivalent exemptions for pay periods of other than one week.   

C.     As used in this section:   

(1)     "disposable earnings" means that part of a taxpayer's wages or salary remaining after deducting the amounts that are required by law to be withheld; and   

(2)     "federal minimum hourly wage" means the current highest federal minimum hourly wage rate for an eight-hour day and a forty-hour week. It is immaterial whether the employer is exempt under federal law from paying the federal minimum hourly wage rate.