HOUSE MEMORIAL 55

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

INTRODUCED BY

Phelps Anderson and Harry Garcia

 

 

 

 

 

A MEMORIAL

REQUESTING THE ARROWHEAD CENTER AT NEW MEXICO STATE UNIVERSITY TO UPDATE ITS ECONOMIC IMPACT ANALYSIS ON THE EFFECT ON THE STATE OF EXEMPTING RETIRED MILITARY SERVICE PAY FROM NEW MEXICO INCOME TAX.

 

     WHEREAS, retired military personnel have significant resources to offer New Mexico, and their retirement in the state would provide economic development opportunities; and

     WHEREAS, in response to Senate Joint Memorial 27, introduced during the second session of the forty-eighth legislature in 2008, the office of policy analysis of the Arrowhead center, in cooperation with the department of economics and international business at New Mexico state university, conducted an economic impact analysis of the effect on the state of exempting retired military service pay from New Mexico income tax; and

     WHEREAS, more than ten years have passed since the results of the analysis were published, and an update is necessary to properly evaluate the impact of exempting retired military service pay from income tax;

     NOW, THEREFORE, BE IT RESOLVED BY THE HOUSE OF REPRESENTATIVES OF THE STATE OF NEW MEXICO that the Arrowhead center be requested to update the 2008 report, The Economic Impact of Exempting Retired Military Service Payments from New Mexico Personal Income Tax; and

     BE IT FURTHER RESOLVED that the report be presented to the appropriate legislative interim committee in December 2022; and

     BE IT FURTHER RESOLVED that a copy of this memorial be transmitted to the director of the Arrowhead center at New Mexico state university.

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