Bill > HB120

This bill limits the capital gains tax deduction in New Mexico to $2,500, down from the previous maximum of $1,000 or 40% of the taxpayer's net capital gain income. The bill also specifies that the new deduction limit applies to taxable years beginning on or after January 1, 2024. Additionally, the bill states that married individuals filing separate returns can only claim half of the deduction that would have been allowed on a joint return.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=120&year=23