SENATE BILL 602

54th legislature - STATE OF NEW MEXICO - first session, 2019

INTRODUCED BY

Pete Campos

AN ACT

RELATING TO TAXATION; EXEMPTING FEDERAL EMPLOYEE RETIREMENT BENEFITS FROM STATE 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--FEDERAL EMPLOYEE RETIREMENT BENEFITS.--Income from retirement benefits received pursuant to the Federal Employees' Retirement System Act of 1986 are exempt from state income taxation."

     SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2019.

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