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| 28 | 28 | | HOUSE BILL 293 |
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| 29 | 29 | | 57 |
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| 30 | 30 | | TH LEGISLATURE |
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| 31 | 31 | | - |
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| 32 | 32 | | |
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| 33 | 33 | | STATE |
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| 34 | 34 | | |
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| 35 | 35 | | OF |
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| 36 | 36 | | |
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| 37 | 37 | | NEW |
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| 38 | 38 | | |
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| 39 | 39 | | MEXICO |
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| 40 | 40 | | |
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| 41 | 41 | | - |
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| 42 | 42 | | FIRST SESSION |
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| 43 | 43 | | , |
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| 44 | 44 | | |
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| 45 | 45 | | 2025 |
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| 46 | 46 | | INTRODUCED BY |
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| 47 | 47 | | Elaine Sena Cortez and Mark B. Murphy and Jay C. Block |
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| 48 | 48 | | and Rod Montoya and John Block |
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| 49 | 49 | | AN ACT |
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| 50 | 50 | | RELATING TO TAXATION; REMOVING THE INCOME CAP FOR THE SOCIAL |
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| 51 | 51 | | SECURITY INCOME EXEMPTION PURSUANT TO THE INCOME TAX ACT. |
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| 52 | 52 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: |
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| 53 | 53 | | SECTION 1. Section 7-2-5.14 NMSA 1978 (being Laws 2022, |
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| 54 | 54 | | Chapter 47, Section 7) is amended to read: |
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| 55 | 55 | | "7-2-5.14. EXEMPTION--SOCIAL SECURITY INCOME.--An |
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| 56 | 56 | | individual may claim an exemption in an amount equal to the |
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| 57 | 57 | | amount included in adjusted gross income pursuant to Section 86 |
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| 58 | 58 | | of the Internal Revenue Code, as that section may be amended or |
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| 59 | 59 | | renumbered, of income includable except for this exemption in |
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| 60 | 60 | | net income [provided that the individual's adjusted gross |
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| 61 | 61 | | income shall not exceed: |
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| 62 | 62 | | A. seventy-five thousand dollars ($75,000) for |
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| 63 | 63 | | married individuals filing separate returns; |
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| 64 | 64 | | .228817.1 underscored material = new |
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| 65 | 65 | | [bracketed material] = delete |
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| 91 | 91 | | B. one hundred fifty thousand dollars ($150,000) |
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| 92 | 92 | | for heads of household, surviving spouses and married |
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| 93 | 93 | | individuals filing joint returns; and |
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| 94 | 94 | | C. one hundred thousand dollars ($100,000) for |
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| 95 | 95 | | single individuals]. The exempted amount shall not exceed the |
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| 96 | 96 | | individual's net income. " |
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| 97 | 97 | | SECTION 2. APPLICABILITY.--The provisions of this act |
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| 98 | 98 | | apply to taxable years beginning on or after January 1, 2025. |
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| 99 | 99 | | - 2 - |
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| 100 | 100 | | .228817.1 |
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