summary
Introduced
01/17/2023
01/17/2023
In Committee
02/10/2023
02/10/2023
Crossed Over
Passed
Dead
03/18/2023
03/18/2023
Introduced Session
2023 Regular Session
Bill Summary
Armed Forces Retirement Pay Tax Credit
AI Summary
This bill amends the existing law to increase the amount of military retirement pay that can be exempted from state income tax for armed forces retirees. Specifically, the bill raises the exemption amount from $10,000 in 2022 to $20,000 in 2023, and $30,000 in 2024 and subsequent tax years, up from the previous limit of $30,000 only through 2026. The term "armed forces retiree" is defined as a former member of the U.S. armed forces who has qualified for lifetime retirement benefits based on years of service or disability.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
STBTC: Reported by committee with Do Pass recommendation (on 02/10/2023)
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=54&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/senate/SB0054.pdf |
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