summary
Introduced
01/20/2021
01/20/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; EXEMPTING SOCIAL SECURITY INCOME FROM INCOME TAX.
AI Summary
This bill exempts Social Security income from state income tax in New Mexico. Specifically, it allows individuals to claim an exemption from their state income tax equal to the amount of their Social Security income that is included in their federal adjusted gross income. This exemption is limited to the individual's total net income. Individuals who claim this Social Security income exemption cannot also claim the state's standard deduction for retirement income.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Sent to STBTC - Referrals: STBTC/SFC (on 01/20/2021)
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=S&legtype=B&legno=78&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0078.pdf |
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