A. There shall be exempt from levy the money or property of a delinquent taxpayer in a total amount or value not in excess of one thousand dollars ($1,000).
B. In addition to the property exempt under Subsection A of this section, there shall also be exempt from levy on an employer of the taxpayer the greater of the following portions of the taxpayer's disposable earnings:
(1) seventy-five percent of the taxpayer's disposable earnings for any pay period; or
(2) an amount each week equal to forty times the federal minimum hourly wage rate.
The superintendent of the regulation and licensing department shall provide a table giving equivalent exemptions for pay periods of other than one week.
C. As used in this section:
(1) "disposable earnings" means that part of a taxpayer's wages or salary remaining after deducting the amounts that are required by law to be withheld; and
(2) "federal minimum hourly wage" means the current highest federal minimum hourly wage rate for an eight-hour day and a forty-hour week. It is immaterial whether the employer is exempt under federal law from paying the federal minimum hourly wage rate.
History: 1953 Comp., § 72-13-50, enacted by Laws 1965, ch. 248, § 38; 1993, ch. 242, § 5.
ANNOTATIONSThe 1993 amendment, effective July 1, 1993, designated the formerly undesignated provision as Subsection A and added Subsections B and C.
Creditor's assignee entitled to exemption. — Defendant, as assignee for the benefit of creditors of delinquent corporate taxpayer, is entitled to $1,000 exemption of taxpayer's assets under this section. Regents of N.M. Coll. of Agric. & Mechanic Arts v. Academy of Aviation, Inc., 1971-NMSC-087, 83 N.M. 86, 488 P.2d 343.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 72 Am. Jur. 2d State and Local Taxation §§ 866, 869.
Enforcement against tax-exempt property of tax on nonexempt property or on owner of tax-exempt property, 159 A.L.R. 461.
85 C.J.S. Taxation §§ 1037, 1041 to 1043.