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New Mexico lawmakers introduce bill to eliminate taxes on social security income KVIA A woman picks up income tax forms. SANTA FE, New Mexico (KOAT) Republican lawmakers in New Mexicoare looking to eliminate a tax for retirees. The majority of U.S. states do not tax social security income for retirees. “We’re one of only 13 states that taxes that kind of income,” John Garcia, the executive vice president for the Homebuilders Association of Central New Mexico, said. Thirteen Republican state lawmakers are sponsoring House Bill 49 to exempt social security from income tax. “We tax their social security income and therefore people leave our state to go to our neighboring states where that tax has been eliminated,” Republican Rep. Rebecca Dow said. ....
In New Mexico, low income retirees are not taxed on their social security income. If HB 49 gets passed, then it would extend to all retirees with social security income. ....
New Mexico lawmakers introduce bill to eliminate taxes on social security income The majority of U.S. states do not tax social security income for retirees. “We’re one of only 13 states that taxes that kind of income,” John Garcia, the executive VP for the Homebuilders Association of Central New Mexico, said. Thirteen Republican state lawmakers are sponsoring House Bill 49 to exempt social security from income tax. “We tax their social security income and therefore people leave our state to go to our neighboring states where that tax has been eliminated,” Republican Rep. Rebecca Dow said. Dow is a bill sponsor. She said the southwest is attractive to retirees, but some go to Arizona due to this taxation. ....