STANDARD INCOME TAX DEDUCTION INCREASE

HB 93 increases New Mexico's standard income tax deduction to 205% of the federal standard deduction amount. This change directly affects individual taxpayers who file state income taxes and claim the standard deduction instead of itemizing deductions. The bill amends the state's tax code to adjust "net income" calculations by expanding the deduction, lowering taxable income for qualifying filers. This policy change would reduce the state income tax liability for eligible taxpayers without requiring them to itemize expenses. The bill is currently pending referral to relevant legislative committees.