Centenarians outlive state income taxes

SANTA FE (KRQE) — New Mexico's centenarians are celebrated from big birthday bashes to luncheons in their honor and more, a lot more.   

In the Land of Enchantment when a person hits the century mark they get a nice break from the state's Taxation and Revenue Department.

"The filing requirement is still there, but the effect is that they owe zero taxes," said Taxation and Revenue Secretary Demesia Padilla.

Lawmakers approved the state income tax exemption for residents 100 years and older in 2001 as a way to honor our oldest community members.  It took effect in 2002.   

"Usually they will have their pensions, Social Security, investment income, rental income," Padilla said.

They do not have to pay state taxes on any of it.

Padilla admits she was surprised by the number of people who actually qualify.
  
"In 2011 we had a total of 78 tax returns from individuals over 100 years old; in the year 2010 we had 102," the cabinet secretary said.

Padilla does not know yet how many centenarians will file for the exemption this year, but she does know not many people like paying taxes.  So getting out of it has got to feel good at any age.
   
"This is something that they can say, 'Ya know, I beat the system; I got beyond the system.' so they get pretty excited," she said.

Padilla told KRQE News 13 the tax exemption for centenarians has little to no impact on state revenues.

Copyright 2014 KRQE TV. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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New Mexico (change)

 
New Mexico is located in the southwestern region of the U.S. Inhabited by Native American populations for many centuries, New Mexico has also been part of Imperial Spain, part of Mexico, and a U.S. territory.
 
Offices & Officials

Governor: Susana Martinez
Lieutenant Governor: John Sanchez
Attorney General: Gary King
Secretary of State: Dianna J. Durán

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