Bill > HB55

This bill establishes a new income tax deduction for first responders in New Mexico, allowing them to deduct fifty percent of their retirement pay earned from their service as a first responder, which is defined as a law enforcement officer, firefighter, or emergency medical services personnel who responds to emergencies. This deduction is also available to the unmarried surviving spouse of a first responder retiree. To claim this deduction, taxpayers must provide information to the tax department proving their eligibility and report the deduction amount as required. The bill also mandates that the cost of this tax deduction be included in the state's tax expenditure budget, and it will take effect for taxable years beginning on or after January 1, 2026.

Military Affairs and Security

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=55&year=26