SENATE BILL 121

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

David M. Gallegos and Mark Moores

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 equal to the amount included in adjusted gross income pursuant to Section 86 of the Internal Revenue Code, as that section may be amended or renumbered, of income includable except for this exemption in net income. The exempted amount shall not exceed the individual's net income.

          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."

     SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2022.

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