summary
Introduced
01/29/2026
01/29/2026
In Committee
02/04/2026
02/04/2026
Crossed Over
Passed
Dead
02/19/2026
02/19/2026
Introduced Session
2026 Regular Session
Bill Summary
AN ACT RELATING TO TAXATION; REMOVING THE LIMITATION ON THE AMOUNT OF THE INCOME TAX EXEMPTION FOR ARMED FORCES RETIREMENT PAY.
AI Summary
This bill removes the current $30,000 limit on the state income tax exemption for retirement pay received by former members of the armed forces of the United States, or their surviving spouses, who have qualified for lifetime benefits. This means that starting with taxable years beginning on or after January 1, 2026, armed forces retirees and their surviving spouses will be able to exempt the full amount of their military retirement pay from state income tax, rather than just a portion of it.
Committee Categories
Military Affairs and Security
Sponsors (6)
John Block (R)*,
Cynthia Borrego (D)*,
Stefani Lord (R)*,
Jonathan Henry (R),
Alan Martinez (R),
Jimmy Mason (R),
Last Action
HLVMC: Reported by committee with Do Pass recommendation (on 02/04/2026)
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=221&year=26 |
| HLVMC Committee Report | https://www.nmlegis.gov/Sessions/26%20Regular/bills/house/HB0221LV1.pdf |
| Fiscal Note | https://www.nmlegis.gov/Sessions/26%20Regular/firs/HB0221.PDF |
| BillText | https://www.nmlegis.gov/Sessions/26%20Regular/bills/house/HB0221.pdf |
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