{"data":{"id":"us-nm/7-2-39","jurisdiction":"us-nm","citation":"7-2-39","heading":"Deduction from net income for certain dependents.","body":"A. As long as the exemption amount pursuant to Section 151 of the Internal Revenue Code means zero, a taxpayer who is not a dependent of another individual and files a return as a head of household or married filing jointly may claim a deduction from net income in an amount equal to the product of four thousand dollars ($4,000) multiplied by the difference between the number of dependents claimed on the taxpayer's return and one.\nB. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction to the department in a manner required by the department.\nC. The deduction provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the annual aggregate cost of the deduction.\nD. As used in this section, \"dependent\" means \"dependent\" as defined in Section 152 of the Internal Revenue Code.","path":["Chapter 7 - Taxation","ARTICLE 2 Income Tax General Provisions"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"66fe019179bda376d429963c0e0468ff6a46fbff131f3d112475dad9a1bb9a27","source_id":"us-nm","stale":false,"prev":"us-nm/7-2-38","next":"us-nm/7-2-40"},"notice":"GroundRules: Original legal text. Not legal advice."}