New Mexico SB 81: EXEMPTING SOCIAL SECURITY FROM INCOME TAX

Bill Text

underscored material = new[bracketed material
] = delete
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SENATE BILL 81
54TH LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 2020
INTRODUCED BY
James P. White and Michael Padilla and Candace Gould and
Elizabeth "Liz” Stefanics
AN ACT
RELATING TO TAXATION; EXEMPTING SOCIAL SECURITY INCOME FROM
INCOME TAX.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Income Tax Act is enacted
to read:
"[NEW MATERIAL] EXEMPTION--SOCIAL SECURITY INCOME.--
A. An individual may claim an exemption in an
amount not to exceed the individual's net income from the
amount included in adjusted gross income pursuant to Section 86
of the Internal Revenue Code, as that section may be amended or
renumbered.
B. An individual who claims an exemption pursuant
to this section shall not claim the exemption pursuant to
Section 7-2-5.2 NMSA 1978."
.215896.1

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SECTION 2. APPLICABILITY.--The provisions of this act
apply to taxable years beginning on or after January 1, 2020.
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.215896.1