summary
Introduced
01/31/2022
01/31/2022
In Committee
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 Regular Session
Bill Summary
AN ACT RELATING TO PRIVATE SECTOR RETIREMENT; CREATING THE RETIREMENT SAVINGS FACILITATION INCOME TAX CREDIT; CLARIFYING CERTAIN DEFINITIONS IN THE NEW MEXICO WORK AND SAVE ACT; REQUIRING CERTAIN EMPLOYERS TO REGISTER AS PARTICIPATING EMPLOYERS AND TO AUTOMATICALLY ENROLL THEIR EMPLOYEES IN THE NEW MEXICO WORK AND SAVE INDIVIDUAL RETIREMENT ACCOUNT PROGRAM; ALLOWING EMPLOYEES TO OPT OUT OF AUTOMATIC ENROLLMENT; ALIGNING PROVISIONS OF THE NEW MEXICO WORK AND SAVE ACT TO ENABLE THE FORMATION OF AN AUTO-IRA PARTNERSHIP WITH ONE OR MORE OTHER STATES; MAKING AN APPROPRIATION.
AI Summary
This bill creates the Retirement Savings Facilitation Income Tax Credit, which allows eligible business owners in New Mexico to claim a tax credit of up to $300 for being a participating employer in the state's New Mexico Work and Save Act program. It also makes several changes to the New Mexico Work and Save Act, including requiring certain employers to register as participating employers and automatically enroll their employees in the state's individual retirement account (IRA) program, while allowing employees to opt out. Additionally, the bill aligns the New Mexico Work and Save Act with provisions that enable the formation of an auto-IRA partnership with one or more other states, and it appropriates funds to the state treasurer's office to administer the program.
Sponsors (1)
Last Action
Action Postponed Indefinitely (on 01/31/2022)
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=187&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0187.pdf |
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