N.M. Admin. Code § 8.150.520.17

Current through Register Vol. 35, No. 20, October 22, 2024

Section 8.150.520.17 - NET INCOME

A. Definition: Net income, except for net business income, for the purposes of LIHEAP policy, is not gross income minus deductions. Rather, it is gross income minus household emergency expenses incurred and paid in 30 days prior to the application date or the initial payment, during that period, of a bill resulting from a recent household emergency.

B. Calculation: To determine the net income for a household, subtract any allowable household emergency expenses from the household's gross income.

C. No emergency expenses: If the household did not incur and pay household emergency expenses or an initial payment for a recent household emergency in the 30 days prior to the application date for LIHEAP benefits, gross income is to be used to make the determination of eligibility.

N.M. Admin. Code § 8.150.520.17

8.150.520.17 NMAC - Rn, 8.150.526.9 NMAC & A, 10-1-12, Adopted by New Mexico Register, Volume XXXV, Issue 12, June 25, 2024, eff. 7/1/2024