0001|                           SENATE BILL 930
    |
0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
    |
0003|                            INTRODUCED BY
    |
0004|                           SHANNON ROBINSON
    |
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|          "[<u>NEW MATERIAL</u>]  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 three thousand dollars ($3,000).
    |
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 form 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|                                    
    |
0013|   
    |
0014|                      FORTY-THIRD LEGISLATURE
    |
0015|                        FIRST SESSION, 1997
    |
0016|   
    |
0017|   
    |
0018|                                               February 27, 1997
    |
0019|   
    |
0020|   Mr. President:
    |
0021|   
    |
0022|       Your CORPORATIONS & TRANSPORTATION COMMITTEE, to
    |
0023|   whom has been referred
    |
0024|   
    |
0025|                          SENATE BILL 930
    |
0001|   
    |
0002|   has had it under consideration and reports same with
    |
0003|   recommendation that it DO PASS, and thence referred to the
    |
0004|   WAYS & MEANS COMMITTEE.
    |
0005|   
    |
0006|                                Respectfully submitted,
    |
0007|   
    |
0008|   
    |
0009|   
    |
0010|                                
    |
0011|   __________________________________
    |
0012|                                Roman M. Maes, III, Chairman 
    |
0013|   
    |
0014|   
    |
0015|   
    |
0016|   Adopted_______________________   Not
    |
0017|   Adopted_______________________
    |
0018|             (Chief Clerk)                          (Chief Clerk)
    |
0019|   
    |
0020|   
    |
0021|                     Date ________________________
    |
0022|   
    |
0023|   
    |
0024|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
    |
0025|           Yes:    7
    |
0001|           No:     0
    |
0002|                Excused:     Kidd, Leavell, Robinson
    |
0003|           Absent: None
    |
0004|   
    |
0005|   
    |
0006|   S0930CT1
    |
0007|   
    |