Standard Income Tax Deduction Increase

Where it is in the process

Plain-English Summary

This bill proposes to increase the standard deduction for New Mexico income tax purposes. If passed, taxpayers would be able to deduct 205% of the standard deduction allowed by the federal government, which could reduce their taxable income. These changes would apply to tax years starting on or after January 1, 2026.

No official summary on file for this bill · generated by Gemini 2.5 Flash from its full text

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