Bill > HB351

This bill establishes a new deduction for taxpayers in New Mexico on their state income tax for unreimbursed or uncompensated medical care expenses. Taxpayers can deduct a percentage of these medical expenses, with the percentage varying based on their filing status (surviving spouse, married filing jointly, single, married filing separately, or head of household) and their adjusted gross income (AGI), which is income after certain deductions. The bill defines "medical care expenses" broadly to include costs for diagnosis, treatment, prescribed drugs, qualified long-term care services, medical insurance premiums, nursing services, specialized treatments, and care in institutions primarily for medical reasons, excluding cosmetic surgery. This deduction applies to taxable years beginning on or after January 1, 2015.