summary
Introduced
01/25/2023
01/25/2023
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
Social Security Income Tax Exemption Cap
AI Summary
This bill removes the income caps on the exemption for Social Security income in the calculation of state income taxes. Previously, the exemption was limited to individuals with adjusted gross incomes below certain thresholds, such as $150,000 for married couples filing jointly. This bill eliminates those income caps, allowing all individuals to claim the full exemption for their Social Security income when filing their state taxes, regardless of their overall income level. The provisions of the bill apply to tax years beginning on or after January 1, 2023.
Committee Categories
Government Affairs
Sponsors (2)
Last Action
House Taxation & Revenue Committee (08:30:00 2/17/2023 Room 317) (on 02/17/2023)
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=H&legtype=B&legno=192&year=23 |
| BillText | https://www.nmlegis.gov/Sessions/23%20Regular/bills/house/HB0192.pdf |
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