| 1 | 1 | | underscored material = new |
|---|
| 2 | 2 | | [bracketed material] = delete |
|---|
| 3 | 3 | | 1 |
|---|
| 4 | 4 | | 2 |
|---|
| 5 | 5 | | 3 |
|---|
| 6 | 6 | | 4 |
|---|
| 7 | 7 | | 5 |
|---|
| 8 | 8 | | 6 |
|---|
| 9 | 9 | | 7 |
|---|
| 10 | 10 | | 8 |
|---|
| 11 | 11 | | 9 |
|---|
| 12 | 12 | | 10 |
|---|
| 13 | 13 | | 11 |
|---|
| 14 | 14 | | 12 |
|---|
| 15 | 15 | | 13 |
|---|
| 16 | 16 | | 14 |
|---|
| 17 | 17 | | 15 |
|---|
| 18 | 18 | | 16 |
|---|
| 19 | 19 | | 17 |
|---|
| 20 | 20 | | 18 |
|---|
| 21 | 21 | | 19 |
|---|
| 22 | 22 | | 20 |
|---|
| 23 | 23 | | 21 |
|---|
| 24 | 24 | | 22 |
|---|
| 25 | 25 | | 23 |
|---|
| 26 | 26 | | 24 |
|---|
| 27 | 27 | | 25 |
|---|
| 28 | 28 | | SENATE BILL 184 |
|---|
| 29 | 29 | | 57 |
|---|
| 30 | 30 | | TH LEGISLATURE |
|---|
| 31 | 31 | | - |
|---|
| 32 | 32 | | |
|---|
| 33 | 33 | | STATE |
|---|
| 34 | 34 | | |
|---|
| 35 | 35 | | OF |
|---|
| 36 | 36 | | |
|---|
| 37 | 37 | | NEW |
|---|
| 38 | 38 | | |
|---|
| 39 | 39 | | MEXICO |
|---|
| 40 | 40 | | |
|---|
| 41 | 41 | | - |
|---|
| 42 | 42 | | FIRST SESSION |
|---|
| 43 | 43 | | , |
|---|
| 44 | 44 | | |
|---|
| 45 | 45 | | 2025 |
|---|
| 46 | 46 | | INTRODUCED BY |
|---|
| 47 | 47 | | David M. Gallegos and Jay C. Block and James G. Townsend |
|---|
| 48 | 48 | | AN ACT |
|---|
| 49 | 49 | | RELATING TO TAXATION; REMOVING THE INCOME CAP FOR THE SOCIAL |
|---|
| 50 | 50 | | SECURITY INCOME EXEMPTION PURSUANT TO THE INCOME TAX ACT. |
|---|
| 51 | 51 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: |
|---|
| 52 | 52 | | SECTION 1. Section 7-2-5.14 NMSA 1978 (being Laws 2022, |
|---|
| 53 | 53 | | Chapter 47, Section 7) is amended to read: |
|---|
| 54 | 54 | | "7-2-5.14. EXEMPTION--SOCIAL SECURITY INCOME.--An |
|---|
| 55 | 55 | | individual may claim an exemption in an amount equal to the |
|---|
| 56 | 56 | | amount included in adjusted gross income pursuant to Section 86 |
|---|
| 57 | 57 | | of the Internal Revenue Code, as that section may be amended or |
|---|
| 58 | 58 | | renumbered, of income includable except for this exemption in |
|---|
| 59 | 59 | | net income [provided that the individual's adjusted gross |
|---|
| 60 | 60 | | income shall not exceed: |
|---|
| 61 | 61 | | A. seventy-five thousand dollars ($75,000) for |
|---|
| 62 | 62 | | married individuals filing separate returns; |
|---|
| 63 | 63 | | .229608.1 underscored material = new |
|---|
| 64 | 64 | | [bracketed material] = delete |
|---|
| 65 | 65 | | 1 |
|---|
| 66 | 66 | | 2 |
|---|
| 67 | 67 | | 3 |
|---|
| 68 | 68 | | 4 |
|---|
| 69 | 69 | | 5 |
|---|
| 70 | 70 | | 6 |
|---|
| 71 | 71 | | 7 |
|---|
| 72 | 72 | | 8 |
|---|
| 73 | 73 | | 9 |
|---|
| 74 | 74 | | 10 |
|---|
| 75 | 75 | | 11 |
|---|
| 76 | 76 | | 12 |
|---|
| 77 | 77 | | 13 |
|---|
| 78 | 78 | | 14 |
|---|
| 79 | 79 | | 15 |
|---|
| 80 | 80 | | 16 |
|---|
| 81 | 81 | | 17 |
|---|
| 82 | 82 | | 18 |
|---|
| 83 | 83 | | 19 |
|---|
| 84 | 84 | | 20 |
|---|
| 85 | 85 | | 21 |
|---|
| 86 | 86 | | 22 |
|---|
| 87 | 87 | | 23 |
|---|
| 88 | 88 | | 24 |
|---|
| 89 | 89 | | 25 |
|---|
| 90 | 90 | | B. one hundred fifty thousand dollars ($150,000) |
|---|
| 91 | 91 | | for heads of household, surviving spouses and married |
|---|
| 92 | 92 | | individuals filing joint returns; and |
|---|
| 93 | 93 | | C. one hundred thousand dollars ($100,000) for |
|---|
| 94 | 94 | | single individuals]. The exempted amount shall not exceed the |
|---|
| 95 | 95 | | individual's net income. " |
|---|
| 96 | 96 | | SECTION 2. APPLICABILITY.--The provisions of this act |
|---|
| 97 | 97 | | apply to taxable years beginning on or after January 1, 2025. |
|---|
| 98 | 98 | | - 2 - |
|---|
| 99 | 99 | | .229608.1 |
|---|