HOUSE BILL 497

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Daniel R. Foley

AN ACT

RELATING TO TAXATION; PROVIDING AN INCOME TAX EXEMPTION FOR MILITARY RETIREMENT PAY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. A new section of the Income Tax Act is enacted to read:

     "[NEW MATERIAL] EXEMPTION--MILITARY RETIREMENT PAY.--Military retirement pay paid by the United States to a resident of New Mexico who has served in the armed forces of the United States, or to a resident of New Mexico who is the surviving spouse of such person, is exempt from state income tax."

     Section 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2007.

.165232.1