Bill > SB140

This bill introduces a new income tax exemption for certain individuals based on their modified gross income levels. Specifically, the bill provides state income tax exemptions for single individuals earning $40,000 or less annually, married individuals filing separate returns earning $30,000 or less, and married individuals filing joint returns earning $60,000 or less. The tax exemption will take effect for taxable years beginning on or after January 1, 2025. By establishing these income thresholds, the bill aims to provide tax relief for lower and middle-income earners in New Mexico, potentially reducing the tax burden for individuals and families within these income brackets. The bill represents a targeted approach to income tax policy that seeks to support residents with more modest incomes by allowing them to keep more of their earnings.