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.History: Laws 2022, ch. 47, § 6. ANNOTATIONSEffective dates. — Laws 2022, ch. 47, § 6 was effective May 18, 2022, 90 days after adjournment of the legislature.
New Mexico Legal Code