Section 7-2-34 - [Effective Until 1/1/2025] Deduction; net capital gain incomeA. Except as provided in Subsection C of this section, a taxpayer may claim a deduction from net income in an amount equal to the greater of: (1) the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed, but not to exceed one thousand dollars ($1,000); or(2) forty percent of the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed.B. Married individuals 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 deduction provided by this section that would have been allowed on the joint return.C. A taxpayer may not claim the deduction provided in Subsection A of this section if the taxpayer has claimed the credit provided in Section 7-2D-8.1 NMSA 1978.D. As used in this section, "net capital gain" means "net capital gain" as defined in Section 1222 (11) of the Internal Revenue Code. Laws 1999, ch. 205, § 1; 2003, ch. 2, § 7.Amended by 2019, c. 270,s. 14, eff. 7/1/2019.This section is set out more than once due to postponed, multiple, or conflicting amendments.