Section 7-2-14 - Low-income comprehensive tax rebate. - New Mexico Statutes

7-2-14. Low-income comprehensive tax rebate.

A.     Except as otherwise provided in Subsection B of this section, any resident who files an individual New Mexico income tax return and who is not a dependent of another individual may claim a tax rebate for a portion of state and local taxes to which the resident has been subject during the taxable year for which the return is filed. The tax rebate may be claimed even though the resident has no income taxable under the Income Tax Act. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the tax rebate that would have been allowed on a joint return.   

B.     No claim for the tax rebate provided in this section shall be filed by a resident who was an inmate of a public institution for more than six months during the taxable year for which the tax rebate could be claimed or who was not physically present in New Mexico for at least six months during the taxable year for which the tax rebate could be claimed.   

C.     For the purposes of this section, the total number of exemptions for which a tax rebate may be claimed or allowed is determined by adding the number of federal exemptions allowable for federal income tax purposes for each individual included in the return who is domiciled in New Mexico plus two additional exemptions for each individual domiciled in New Mexico included in the return who is sixty-five years of age or older plus one additional exemption for each individual domiciled in New Mexico included in the return who, for federal income tax purposes, is blind plus one exemption for each minor child or stepchild of the resident who would be a dependent for federal income tax purposes if the public assistance contributing to the support of the child or stepchild was considered to have been contributed by the resident.   

D.     The tax rebate provided for in this section may be claimed in the amount shown in the following table:   

       Modified Gross                    
Income is:  And the total number of exemptions is:   Over But Not
Over 1 2 3 4 5 6 or
More    $     0 $   500 $120 $160 $200 $240 $280 $320  500 1,000 135 195 250 310 350 415  1,000 1,500 135 195 250 310 350 435  1,500 2,000 135 195 250 310 350 450  2,000 2,500 135 195 250 310 350 450  2,500 3,000 135 195 250 310 350 450  3,000 3,500 135 195 250 310 350 450  3,500 4,000 135 195 250 310 355 450  4,000 4,500 135 195 250 310 355 450  4,500 5,000 125 190 240 305 355 450  5,000 5,500 115 175 230 295 355 430  5,500 6,000 105 155 210 260 315 410  6,000 7,000 90 130 170 220 275 370  7,000 8,000 80 115 145 180 225 295  8,000 9,000 70 105 135 170 195 240  9,000 10,000 65 95 115 145 175 205  10,000 11,000 60 80 100 130 155 185  11,000 12,000 55 70 90 110 135 160  12,000 13,000 50 65 85  100 115 140  13,000 14,000 50 65 85  100 115 140  14,000 15,000 45 60 75 90 105 120  15,000 16,000 40 55 70 85 95 110  16,000 17,000 35 50 65 80 85 105  17,000 18,000 30 45 60 70 80 95  18,000 19,000 25 35 50 60 70 80  19,000 20,000 20 30 40 50 60 65  20,000 21,000 15 25 30 40 50 55  21,000 22,000 10 20 25 35 40 45.   

E.     If a taxpayer's modified gross income is zero, the taxpayer may claim a credit in the amount shown in the first row of the table appropriate for the taxpayer's number of exemptions.   

F.     The tax rebates provided for in this section may be deducted from the taxpayer's New Mexico income tax liability for the taxable year. If the tax rebates exceed the taxpayer's income tax liability, the excess shall be refunded to the taxpayer.   

G.     For purposes of this section, "dependent" means "dependent" as defined by Section 152 of the Internal Revenue Code of 1986, as that section may be amended or renumbered, but also includes any minor child or stepchild of the resident who would be a dependent for federal income tax purposes if the public assistance contributing to the support of the child or stepchild was considered to have been contributed by the resident.