NM tax exclusion

[MAMalody]

I have a new client in NM and have run into something I have not see before. Apparently when you have income from municipla obligations you have a tax exclusion. I can't seem to find any info on this. E-mail NM three days ago and still no response. Any NM expertise out there. If this is not clear, e-mail me at [email protected] or let me know and I can call you.

[JRS]

The only exclusion I am aware of is the deduction for New Mexico tax exempt interest on line 5 of the "PIT-ADJ" It works as an exemption in that it reduces the federal AGI for NM taxes.

[MAMalody]

The only exclusion I am aware of is the deduction for New Mexico tax exempt interest on line 5 of the "PIT-ADJ" It works as an exemption in that it reduces the federal AGI for NM taxes.

Thanks. I think that is it.

Mike