Bill > SJM26

This Joint Memorial requests that the Economic Development Department and the Taxation and Revenue Department, which are state government agencies responsible for economic growth and tax collection respectively, conduct a study to examine the potential advantages and disadvantages of creating tax incentives. These incentives would be specifically designed to encourage people who are retired to move to New Mexico, with the ultimate goal of improving the state's economy. The memorial highlights that a large number of baby boomers are approaching retirement age, and that retirees often contribute significantly to local economies by spending money and can help revitalize communities, especially those with fewer job opportunities. It also notes that New Mexico has many appealing features for retirees, such as its climate and cultural attractions, but currently taxes pension benefits, which might deter some from relocating. By making the state more financially attractive through tax changes, New Mexico hopes to attract more retirees, thereby boosting its population, economy, and particularly its rural areas. The departments are asked to report their findings to a legislative committee.