A. Any resident who files an individual New Mexico income tax return and paid property tax for the 1999 property tax year on property eligible for the property tax exemption authorized by Article 8, Section 15 of the constitution of New Mexico may claim a tax rebate for the amount of property tax paid.
B. The tax rebate provided for in this section may be deducted from the taxpayer's New Mexico income tax liability for taxable year 2000. If the tax rebate exceeds the taxpayer's income tax liability, the excess shall be refunded to the taxpayer.
C. The rebate provided for in this section may be claimed only on a return filed for taxable year 2000.
D. A husband and wife who file separate returns for taxable year 2000 and could have filed a joint return for taxable year 2000 may each claim only one-half of the tax rebate that would have been allowed on the joint return.
History: Laws 2000, ch. 64, § 1 and Laws 2000, ch. 78, § 1.
ANNOTATIONSEffective dates. — Laws 2000, ch. 78 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective on May 17, 2000, 90 days after adjournment of the legislature.
Compiler's notes. — Laws 2000, ch. 64, § 1 and Laws 2000, ch. 78, § 1, both effective May 17, 2000, enacted identical sections. The section was set out as enacted by Laws 2000, ch. 78, § 1. See 12-1-8 NMSA 1978.