Bill > HB174

This bill seeks to double the income tax exemption for low-income individuals who are 65 years of age or older, or who are blind. Specifically, it increases the maximum exemption from $8,000 to $16,000 for eligible taxpayers, with the exemption amount phasing out as adjusted gross income increases. This change applies to taxable years beginning on or after January 1, 2021, providing additional tax relief for senior citizens and individuals with visual impairments who have limited incomes.

Budget and Finance, Health and Social Services

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=174&year=21