summary
Introduced
01/18/2022
01/18/2022
In Committee
02/04/2022
02/04/2022
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 aims to exempt a portion of social security income from state income tax in New Mexico. It proposes to incrementally increase the exemption from 20% in 2022 to 100% by 2026, with the exemption not to exceed the individual's net income. The bill also specifies that individuals claiming this exemption cannot also claim the exemption under Section 7-2-5.2 of the New Mexico statutes. The provisions of the bill apply to taxable years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (14)
Gail Armstrong (R)*,
Rachel Black (R)*,
Joy Garratt (D)*,
Cathrynn Brown (R),
Randal Crowder (R),
Art De La Cruz (D),
Rebecca Dow (R),
Joshua Hernandez (R),
T. Lane (R),
Stefani Lord (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
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=49&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/house/HB0049.pdf |
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