HOUSE BILL 207

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

INTRODUCED BY

Nathan P. Cote

AN ACT

RELATING TO TAXATION; PROVIDING AN EXEMPTION FOR ARMED FORCES INCOME.

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--ARMED FORCES INCOME.--Income earned from service as an active duty member of the armed forces of the United States is exempt from taxation."

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

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