{"data":{"id":"us-nm/7-2-5.8","jurisdiction":"us-nm","citation":"7-2-5.8","heading":"Exemption for low- and middle-income taxpayers.","body":"A. An individual may claim an exemption in an amount specified in Subsections B through D of this section not to exceed an amount equal to the number of federal exemptions multiplied by two thousand five hundred dollars ($2,500) of income includable, except for this exemption, in net income.\nB. For a married individual filing a separate return with adjusted gross income up to twenty-seven thousand five hundred dollars ($27,500):\n(1) if the adjusted gross income is not over fifteen thousand dollars ($15,000), the amount of the exemption pursuant to this section shall be two thousand five hundred dollars ($2,500) for each federal exemption; and\n(2) if the adjusted gross income is over fifteen thousand dollars ($15,000) but not over twenty-seven thousand five hundred dollars ($27,500), the amount of the exemption pursuant to this section for each federal exemption shall be calculated as follows:\n(a) two thousand five hundred dollars ($2,500); less\n(b) twenty percent of the amount obtained by subtracting fifteen thousand dollars ($15,000) from the adjusted gross income.\nC. For single individuals with adjusted gross income up to thirty-six thousand six hundred sixty-seven dollars ($36,667):\n(1) if the adjusted gross income is not over twenty thousand dollars ($20,000), the amount of the exemption pursuant to this section shall be two thousand five hundred dollars ($2,500) for each federal exemption; and\n(2) if the adjusted gross income is over twenty thousand dollars ($20,000) but not over thirty-six thousand six hundred sixty-seven dollars ($36,667), the amount of the exemption pursuant to this section for each federal exemption shall be calculated as follows:\n(a) two thousand five hundred dollars ($2,500); less\n(b) fifteen percent of the amount obtained by subtracting twenty thousand dollars ($20,000) from the adjusted gross income.\nD. For married individuals filing joint returns, surviving spouses or for heads of households with adjusted gross income up to fifty-five thousand dollars ($55,000):\n(1) if the adjusted gross income is not over thirty thousand dollars ($30,000), the amount of the exemption pursuant to this section shall be two thousand five hundred dollars ($2,500) for each federal exemption; and\n(2) if the adjusted gross income is over thirty thousand dollars ($30,000) but not over fifty-five thousand dollars ($55,000), the amount of the exemption pursuant to this section for each federal exemption shall be calculated as follows:\n(a) two thousand five hundred dollars ($2,500); less\n(b) ten percent of the amount obtained by subtracting thirty thousand dollars ($30,000) from the adjusted gross income.","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":"35ee5101b721a3b8e152f3ad5631e095006f82604f61d6908a1bc85409204501","source_id":"us-nm","stale":false,"prev":"us-nm/7-2-5.7","next":"us-nm/7-2-5.9"},"notice":"GroundRules: Original legal text. Not legal advice."}