N.M. Admin. Code § 3.3.4.11
Current through Register Vol. 36, No. 1, January 14, 2025
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.
N.M. Admin. Code § 3.3.4.11