Bill > SB259

This bill provides an income tax deduction for certain uniformed services retirees and their spouses in New Mexico. The deduction starts at 25% of military retirement income, up to $6,250, for the 2022 tax year, and gradually increases to 100% of military retirement income, up to $25,000, by the 2025 tax year. The purpose of the deduction is to encourage uniformed services retirees to make New Mexico their state of residency and utilize their expertise in the state's workforce and business community. The bill also requires the state's tax department to compile an annual report on the effectiveness and cost of the deduction.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=259&year=21