Bill > HM55

This Memorial requests the Arrowhead Center at New Mexico State University to update a previous economic impact analysis from 2008. The original analysis examined the effect on New Mexico of exempting retired military service pay, which is the income retired members of the armed forces receive, from state income tax. The Memorial argues that since over ten years have passed since the initial study, an updated analysis is needed to properly assess the potential economic benefits of such a tax exemption for the state, and the updated report is to be presented to a legislative committee in December 2022.