summary
Introduced
01/31/2021
01/31/2021
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 proposes to exempt Social Security income from state income tax in New Mexico. Specifically, it would allow individuals to claim an exemption from their state income tax in an amount up to their net Social Security income that is included in their federal adjusted gross income, as defined under Section 86 of the Internal Revenue Code. Individuals claiming this exemption would not be able to also claim the existing $8,000 exemption for persons 65 or older. The provisions of the bill would apply to tax years beginning on or after January 1, 2021.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Sent to STBTC - Referrals: STBTC/SFC (on 01/31/2021)
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=208&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0208.pdf |
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