Bill > SB156

This bill, titled the "Social Security Income Tax Cap," proposes to amend the Income Tax Act in New Mexico by removing the income cap that previously limited the exemption for Social Security income. Previously, individuals could only claim an exemption for their Social Security income if their adjusted gross income (AGI) did not exceed certain thresholds, which varied based on their filing status (e.g., single, married filing jointly, head of household). The bill removes these AGI limitations, meaning that starting with taxable years beginning on or after January 1, 2026, all individuals will be able to claim an exemption for the amount of their Social Security income that is included in their adjusted gross income, regardless of their overall income level.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=156&year=26