Bill to Cut Social Security Taxes Heads to Governor's Desk in New Mexico
The bill eliminates taxes on Social Security benefits for lower- and middle-income residents.
The New Mexico Legislature on Thursday passed a bill eliminating taxes on Social Security benefits for individuals with less than $100,000 in annual income or couples with less than $150,000 in income.
The bill now awaits the signature of Gov. Michell Lujan, a Democrat, who has 20 days to sign it into law.
The bill was one of 64 passed in the 30-day legislative session.
New Mexico still will be one of 12 states that tax Social Security benefits in some capacity, but there has been a push in state legislatures to make changes, including increasing the age of taxation, phasing out taxes or eliminating them altogether.
The Land of Enchantment’s tax on Social Security benefits has been in effect since 1990.
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