Section 7-2-5.2 - Exemption; income of persons sixty-five and older or blind. - New Mexico Statutes

7-2-5.2. Exemption; income of persons sixty-five and older or blind.

Any individual sixty-five years of age or older or who, for federal income tax purposes, is blind may claim an exemption in an amount specified in Subsections A through C of this section not to exceed eight thousand dollars ($8,000) of income includable except for this exemption in net income. Individuals having income both within and without this state shall apportion this exemption in accordance with regulations of the secretary:   

A.     for married individuals filing separate returns, for any taxable year beginning on or after January 1, 1987:

    If adjusted
gross income is: The maximum amount of 
exemption allowable under
this section shall be:     Not over $15,000 $8,000   Over $15,000 but not over $16,500 $7,000  Over $16,500 but not over $18,000 $6,000  Over $18,000 but not over $19,500 $5,000  Over $19,500 but not over $21,000 $4,000   Over $21,000 but not over $22,500 $3,000  Over $22,500 but not over $24,000  $2,000  Over $24,000 but not over $25,500 $1,000  Over $25,500 0.   

B.     for heads of household, surviving spouses and married individuals filing joint returns, for any taxable year beginning on or after January 1, 1987:   

    If adjusted
gross income is: The maximum amount of
exemption allowable under
this section shall be:   Not over $30,000 $8,000   Over $30,000 but not over $33,000 $7,000  Over $33,000 but not over $36,000 $6,000  Over $36,000 but not over $39,000 $5,000  Over $39,000 but not over $42,000 $4,000  Over $42,000 but not over $45,000 $3,000   Over $45,000 but not over $48,000 $2,000   Over $48,000 but not over $51,000 $1,000   Over $51,000 0.    

C.     for single individuals, for any taxable year beginning on or after January 1, 1987:

    If adjusted
gross income is: The maximum amount of
exemption allowable under
this section shall be:   Not over $18,000 $8,000  Over $18,000 but not over $19,500 $7,000   Over $19,500 but not over $21,000  $6,000   Over $21,000 but not over $22,500  $5,000   Over $22,500 but not over $24,000  $4,000   Over $24,000 but not over $25,500    $3,000  Over $25,500 but not over $27,000   $2,000   Over $27,000 but not over $28,500  $1,000   Over $28,500  0.