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 adjusted gross income for the portion of their income that comes from Social Security benefits, up to the amount of their net income. This exemption cannot be claimed alongside the existing exemption for Social Security income under Section 7-2-5.2 of the New Mexico Statutes. The provisions of this bill apply to taxable years beginning on or after January 1, 2022.
Committee Categories
Budget and Finance
Sponsors (5)
Gail Armstrong (R)*,
Cathrynn Brown (R)*,
Michael Padilla (D)*,
David Gallegos (R),
Liz Stefanics (D),
Last Action
Succeeding entries: S 5 (on 02/11/2022)
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=108&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0108.pdf |
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