N.M. Stat. § 7-2-5.13
This is the official text of N.M. Stat. § 7-2-5.13, part of New Mexico’s Stat — part of the compiled statutory law of New Mexico, published by the state as "Stat." Browse the sections below, each linked to its official government source.
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§ 7-2-5.13. Exemption; armed forces retirement pay
Official statutory text
A. An individual who is an armed forces retiree may claim an exemption in the following amounts of military retirement pay includable, except for this exemption, in net income:
(1) for taxable year 2022, ten thousand dollars ($10,000);
(2) for taxable year 2023, twenty thousand dollars ($20,000); and
(3) for taxable years 2024 through 2026, thirty thousand dollars ($30,000).
B. As used in this section, “ armed forces retiree ” means a former member of the armed forces of the United States who has qualified by years of service or disability to separate from military service with lifetime benefits.
(1) for taxable year 2022, ten thousand dollars ($10,000);
(2) for taxable year 2023, twenty thousand dollars ($20,000); and
(3) for taxable years 2024 through 2026, thirty thousand dollars ($30,000).
B. As used in this section, “ armed forces retiree ” means a former member of the armed forces of the United States who has qualified by years of service or disability to separate from military service with lifetime benefits.
Status: in_force
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