Article 2 - INCOME TAX GENERAL PROVISIONS

Section 7-2-NEW - [Newly enacted section not yet numbered] [Effective ninety days after adjournment] Home fire recovery income tax credit
Section 7-2-NEW - [Newly enacted section not yet numbered] [Effective ninety days after adjournment] Deduction-school supplies purchased by a public school teacher
Section 7-2-NEW - [Newly enacted section not yet numbered] [Effective ninety days after adjournment] Clean car income tax credit
Section 7-2-NEW - [Newly enacted section not yet numbered] [Effective ninety days after adjournment] Clean car charging unit income tax credit
Section 7-2-NEW - [Newly enacted section not yet numbered] [Effective 1/1/2025] Geothermal electricity generation income tax credit
Section 7-2-NEW - [Newly enacted section not yet numbered] [Effective 1/1/2025] Advanced energy equipment income tax credit
Section 7-2-NEW - [Newly enacted section not yet numbered] [Repealed Effective ninety days after adjournment]
Section 7-2-1 - Short title
Section 7-2-2 - Definitions
Section 7-2-3 - Imposition and levy of tax
Section 7-2-4 - Exemptions
Section 7-2-5, 7-2-5.1 - Repealed
Section 7-2-5.2 - Exemption; income of persons sixty-five and older or blind
Section 7-2-5.3 - [Repealed]
Section 7-2-5.4 - [Repealed]
Section 7-2-5.5 - Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands
Section 7-2-5.6 - Exemption; medical care savings accounts
Section 7-2-5.7 - Exemption; income of individuals one hundred years of age or older
Section 7-2-5.8 - Exemption for low- and middle-income taxpayers
Section 7-2-5.9 - Exemption; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older
Section 7-2-5.10 - Exemption; New Mexico national guard member premiums paid for group life insurance
Section 7-2-5.11 - Exemption; armed forces salaries
Section 7-2-5.12 - [Repealed]
Section 7-2-5.13 - [Effective Until 1/1/2025] Exemption; armed forces retirement pay
Section 7-2-5.13 - [Effective 1/1/2025] Exemption-armed forces retirement pay
Section 7-2-5.14 - Exemption; social security income
Section 7-2-6 - [Repealed]
Section 7-2-7 - [Effective Until 1/1/2025] Individual income tax rates
Section 7-2-7 - [Effective 1/1/2025] Individual income tax rates
Section 7-2-7 - Individual income tax rates (Effective January 1, 2006 through December 31, 2007)
Section 7-2-7.1 - Tax tables
Section 7-2-7.2 - Tax rebate; 2005 taxable year. (Effective for 2005 tax year.)
Section 7-2-7.3 - Exemption; 2005 taxable year rebate. (Effective for 2005 tax year.)
Section 7-2-7.4 - 2020 income tax rebate
Section 7-2-7.5 - Supplemental 2021 income tax rebates
Section 7-2-7.6 - 2021 income tax rebate
Section 7-2-7.7 - Additional 2021 income tax rebates
Section 7-2-8 - [Repealed]
Section 7-2-9 - Tax computation; alternative method
Section 7-2-10 - Income taxes applied to individuals on federal areas
Section 7-2-11 - Tax credit; income allocation and apportionment
Section 7-2-12 - Taxpayer returns; payment of tax
Section 7-2-12.1 - Limitation on claiming of credits and tax rebates
Section 7-2-12.2 - Estimated tax due; payment of estimated tax; penalty
Section 7-2-13 - Credit for taxes paid other states by resident individuals
Section 7-2-14 - Low-income comprehensive tax rebate
Section 7-2-14.1 - [Repealed]
Section 7-2-14.2 - [Repealed]
Section 7-2-14.3 - Tax rebate of part of property tax due from low-income taxpayer; local option; refund
Section 7-2-14.4 - Authorization to fund property tax rebate for low-income taxpayers; tax imposition; election
Section 7-2-14.5 - Imposition of tax; limitations
Section 7-2-15 to 7-2-17.1 - Repealed
Section 7-2-18 - Tax rebate of property tax due that exceeds the elderly taxpayer's maximum property tax liability; refund
Section 7-2-18.1 - Credit for expenses for dependent child day care necessary to enable gainful employment to prevent indigency
Section 7-2-18.2 - Credit for preservation of cultural property; refund
Section 7-2-18.3 - [Repealed]
Section 7-2-18.4 - [Repealed]
Section 7-2-18.5 - [Repealed]
Section 7-2-18.6 - [Repealed]
Section 7-2-18.7 - Tax rebate of property tax paid on property eligible for disabled veteran exemption; refund; limitation
Section 7-2-18.8 - [Repealed]
Section 7-2-18.9 - [Repealed]
Section 7-2-18.10 - Tax credit; certain conveyances of real property
Section 7-2-18.11 - Job mentorship tax credit
Section 7-2-18.12 - [Repealed]
Section 7-2-18.13 - Credit; unreimbursed or uncompensated medical care expenses of individuals sixty-five years of age or older
Section 7-2-18.14 - Solar market development tax credit; residential and small business solar thermal and photovoltaic market development tax credit
Section 7-2-18.15 - Working families tax credit
Section 7-2-18.16 - [Effective Until ninety days after adjournment] Credit; special needs adopted child tax credit; created; qualifications; duration of credit
Section 7-2-18.16 - [Effective ninety days after adjournment] Credit-special needs adopted child tax credit-created-qualifications-duration of credit
Section 7-2-18.17 - [Effective Until ninety days after adjournment] Angel investment credit
Section 7-2-18.17 - [Effective ninety days after adjournment] Angel investment credit
Section 7-2-18.18 - Renewable energy production tax credit
Section 7-2-18.19 - Sustainable building tax credit
Section 7-2-18.20 - [Repealed]
Section 7-2-18.21 - [Repealed]
Section 7-2-18.22 - [Effective Until ninety days after adjournment] Tax credit; rural health care practitioner tax credit
Section 7-2-18.22 - [Effective ninety days after adjournment] Rural health care practitioner tax credit
Section 7-2-18.23 - Refundable credit; 2007 taxable year
Section 7-2-18.24 - [Effective Until ninety days after adjournment] Geothermal ground-coupled heat pump tax credit
Section 7-2-18.24 - [Effective ninety days after adjournment] Geothermal ground-coupled heat pump income tax credit
Section 7-2-18.25 - [Repealed]
Section 7-2-18.26 - Agricultural biomass income tax credit
Section 7-2-18.27 - [Repealed]
Section 7-2-18.28 - [Repealed]
Section 7-2-18.29 - 2015 sustainable building tax credit
Section 7-2-18.30 - Foster youth employment income tax credit
Section 7-2-18.31 - [Effective Until ninety days after adjournment] New solar market development income tax credit
Section 7-2-18.31 - [Effective ninety days after adjournment] New solar market development income tax credit
Section 7-2-18.32 - 2021 sustainable building tax credit
Section 7-2-18.33 - Credit; nurses; 2022 taxable year
Section 7-2-18.34 - Child income tax credit
Section 7-2-19 - [Repealed]
Section 7-2-20 - Information returns
Section 7-2-21 - Fiscal years permitted
Section 7-2-21.1 - Accounting methods
Section 7-2-22 - Administration
Section 7-2-23 - Finding[; wildlife funds]
Section 7-2-24 - Optional designation of tax refund contribution [; game protection fund]
Section 7-2-24.1 - Optional designation of tax refund contribution for tree plantings
Section 7-2-24.2 - Optional designation of tax refund contribution; healthy soil program
Section 7-2-25, 7-2-26 - Repealed
Section 7-2-27 - [Repealed]
Section 7-2-28 - Optional designation of tax refund contribution
Section 7-2-28.1 - Veterans' state cemetery fund; created
Section 7-2-29 - Finding
Section 7-2-30 - Optional designation of tax refund contribution [; substance abuse education fund]
Section 7-2-30.1 - Optional designation of tax refund contribution; amyotrophic lateral sclerosis research fund
Section 7-2-30.2 - Optional designation of tax refund contribution; energy, minerals and natural resources department; state parks division
Section 7-2-30.3 - Optional designation of tax refund contribution; national guard member and family assistance
Section 7-2-30.4 - Optional designation of tax refund contribution; Vietnam veterans memorial
Section 7-2-30.5 - Optional designation of tax refund contribution; veterans' enterprise fund
Section 7-2-30.6 - Optional designation of tax refund contribution; lottery tuition fund
Section 7-2-30.7 - Optional designation of tax refund contribution; equine shelter rescue fund
Section 7-2-30.8 - Finding; optional designation of tax refund contribution; senior services
Section 7-2-30.9 - Optional designation of tax refund contribution; animal care and facility fund
Section 7-2-30.10 - [Repealed]
Section 7-2-30.11 - Optional designation of tax refund contribution; New Mexico housing trust fund
Section 7-2-31 - Optional designation of tax refund contribution
Section 7-2-31.1 - Optional refund contribution provisions; conditional repeal
Section 7-2-32 - Deduction; payments into education trust fund
Section 7-2-33 - [Repealed]
Section 7-2-34 - [Effective Until 1/1/2025] Deduction; net capital gain income
Section 7-2-34 - [Effective 1/1/2025] Deduction-net capital gain income
Section 7-2-35 - Deleted
Section 7-2-36 - Deduction; expenses related to organ donation
Section 7-2-37 - Deduction; unreimbursed or uncompensated medical care expenses
Section 7-2-38 - Deduction; income set aside for future distribution from an estate or trust to a nonresident individual
Section 7-2-39 - Deduction from net income for certain dependents
Section 7-2-40 - Deduction; income from leasing a liquor license