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; 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 from their state taxable income for the amount of Social Security income that is included in their federal adjusted gross income, up to the individual's total net income. The bill prohibits individuals from claiming this Social Security income exemption in addition to the state's existing pension income exemption. The provisions of the bill apply to taxable years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (16)
Gail Armstrong (R)*,
Greg Baca (R)*,
Craig Brandt (R)*,
David Gallegos (R)*,
Mark Moores (R)*,
Cathrynn Brown (R),
Bill Burt (R),
Crystal Diamond Brantley (R),
Ron Griggs (R),
Stuart Ingle (R),
Gay Kernan (R),
Steve Neville (R),
Cliff Pirtle (R),
Joshua Sanchez (R),
Bill Sharer (R),
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=121&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0121.pdf |
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