summary
Introduced
01/18/2022
01/18/2022
In Committee
02/02/2022
02/02/2022
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 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 on their state income taxes equal to the amount of their social security income that is included in their adjusted gross income, up to the amount of their net income. Individuals who claim this exemption cannot also claim the existing exemption for social security income under the Income Tax Act. The bill applies to tax years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance, Military Affairs and Security
Sponsors (15)
Gail Armstrong (R)*,
Rachel Black (R)*,
Joy Garratt (D)*,
Cathrynn Brown (R),
Randal Crowder (R),
Rebecca Dow (R),
Kelly Fajardo (R),
Joshua Hernandez (R),
T. Lane (R),
Stefani Lord (R),
Greg Nibert (R),
Randy Pettigrew (R),
Bill Rehm (R),
Candie Sweetser (D),
Luis Terrazas (R),
Last Action
House Taxation & Revenue Committee (08:30 2/9/2022 Room 317) (on 02/09/2022)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=48&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0048.pdf |
Loading...