0001| HOUSE BILL 1006 | 0002| 43rd legislature - STATE OF NEW MEXICO - first session, 1997 | 0003| INTRODUCED BY | 0004| DELORES C. WRIGHT | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO TAXATION; EXEMPTING FROM INCOME TAXATION CERTAIN | 0012| ANNUITY AND PENSION INCOME. | 0013| | 0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0015| Section 1. A new section of the Income Tax Act is enacted | 0016| to read: | 0017| "[NEW MATERIAL] EXEMPTION--ANNUITY AND PENSION INCOME.- | 0018| - | 0019| A. An individual may claim an exemption from income | 0020| taxation for annuity or pension income included in base income | 0021| in an amount not to exceed five thousand dollars ($5,000). | 0022| B. As used in this section, "annuity or pension | 0023| income" means that pension or annuity income required by | 0024| federal law or regulation to be reported on information return | 0025| federal form 1099-R or any successor forms used to report | 0001| distributions from pensions, annuities, retirement or profit- | 0002| sharing plans, individual retirement accounts, insurance | 0003| contracts and similar income that is attributable to any | 0004| benefit taxable for federal income tax purposes paid to an | 0005| individual under a qualified plan, annuity or simplified | 0006| employee pension plan pursuant to Sections 401 through 404, 408 | 0007| or 457 of the Internal Revenue Code and including any inside | 0008| buildup of interest distributed in conjunction with any of the | 0009| listed distributions." | 0010| Section 2. APPLICABILITY.--The provisions of this act | 0011| apply to taxable years beginning on or after January 1, 1997. | 0012|  |