summary
Introduced
01/21/2020
01/21/2020
In Committee
01/31/2020
01/31/2020
Crossed Over
Passed
Dead
02/20/2020
02/20/2020
Introduced Session
2020 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; EXEMPTING A CERTAIN AMOUNT OF SOCIAL SECURITY INCOME FROM INCOME TAX.
AI Summary
This bill exempts up to $24,000 of an individual's Social Security income from state income tax in New Mexico. The bill specifies that an individual claiming this exemption cannot also claim the general exemption for federal adjusted gross income under the state's Income Tax Act. The provisions of the bill apply to taxable years beginning on or after January 1, 2020.
Committee Categories
Budget and Finance, Military Affairs and Security
Sponsors (4)
Last Action
Action Postponed Indefinitely (on 01/31/2020)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=77&year=20 |
| BillText | https://www.nmlegis.gov/Sessions/20%20Regular/bills/house/HB0077.pdf |
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