summary
Introduced
01/20/2022
01/20/2022
In Committee
01/24/2022
01/24/2022
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; PROVIDING AN INCOME TAX DEDUCTION FOR CERTAIN UNIFORMED SERVICES RETIREES AND THEIR SPOUSES.
AI Summary
This bill provides an income tax deduction for certain uniformed services retirees and their spouses. The deduction is phased in over three years, starting at 33% of military retirement income (up to $16,333) in 2023, increasing to 66% (up to $33,666) in 2024, and reaching 100% (up to $50,000) in 2025 and thereafter. The bill defines "uniformed services" to include the Army, Navy, Air Force, Marine Corps, Coast Guard, their reserve components, and certain other federal uniformed services. The Department of Taxation is required to compile an annual report on the effectiveness and cost of the deduction.
Committee Categories
Budget and Finance
Sponsors (30)
Greg Baca (R)*,
Craig Brandt (R)*,
Bill Burt (R)*,
Mark Moores (R)*,
Pete Campos (D),
Joe Cervantes (D),
Crystal Diamond Brantley (R),
Katy Duhigg (D),
David Gallegos (R),
Bobby Gonzales (D),
Ron Griggs (R),
Carrie Hamblen (D),
Siah Hemphill (D),
Martin Hickey (D),
Daniel Ivey-Soto (D),
Leo Jaramillo (D),
Gay Kernan (R),
Linda López (D),
Brenda McKenna (D),
Steve Neville (R),
Bill O'Neill (D),
Jerry Ortiz y Pino (D),
Cliff Pirtle (R),
Harold Pope (D),
Joshua Sanchez (R),
Gregg Schmedes (R),
Bill Sharer (R),
Liz Stefanics (D),
Bill Tallman (D),
Pat Woods (R),
Last Action
Senate Tax, Business and Transportation Committee (00:00 2/3/2022 Room 321) (on 02/03/2022)
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=S&legtype=B&legno=128&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0128.pdf |
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