Sat Mar 8 5:23PM - 13 days, 17 hours left in session
| Sponsors | ||
|---|---|---|
| Sen. David M. Gallegos | 41 | Eddy & Lea |
| Sen. Jay C. Block | 12 | Bernalillo & Sandoval |
| Sen. James G. Townsend | 34 | Eddy & Otero |
| Status | |||
|---|---|---|---|
| STBTC | [Referred, not scheduled] | ||
| SFC | |||
This is the official nmlegis action history. I'm doing my best to translate the LONG/WEIRD-STRING to something less gibberishy. And before you ask, no, the "Legis Day" number has no mapping to the real world.
Actions: [2] STBTC/SFC-STBTC
| Legis Day | Action | Details |
|---|---|---|
| 2 | referred | STBTC/SFC |
| 2 | sent | STBTC |
This table shows bill actions detected on Ed's system, using heuristics that may not be 100% accurate and which may not reflect the "official" nmlegis chronology. It is probably more than you care to know.
| Jan 29 | filed: [Prefiled by David M. Gallegos et al; not yet on nmlegis] |
| [new] | |
| sent to STBTC | |
| title: '[prefiled by David M. Gallegos Et Al; Not Yet on Nmlegis]' -> 'Remove Social Security Income Tax Cap' | |
| actions: 'SPREF' -> '[2] STBTC/SFC-STBTC' | |
| new sponsor: David M. Gallegos | |
| new sponsor: Jay C. Block | |
| new sponsor: James G. Townsend |
SENATE BILL 184
57th legislature - STATE OF NEW MEXICO - first session, 2025
INTRODUCED BY
David M. Gallegos and Jay C. Block and James G. Townsend
AN ACT
RELATING TO TAXATION; REMOVING THE INCOME CAP FOR THE SOCIAL SECURITY INCOME EXEMPTION PURSUANT TO THE INCOME TAX ACT.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-2-5.14 NMSA 1978 (being Laws 2022, Chapter 47, Section 7) is amended to read:
"7-2-5.14. EXEMPTION--SOCIAL SECURITY INCOME.--An individual may claim an exemption in an amount equal to the amount included in adjusted gross income pursuant to Section 86 of the Internal Revenue Code, as that section may be amended or renumbered, of income includable except for this exemption in net income [provided that the individual's adjusted gross income shall not exceed:
A. seventy-five thousand dollars ($75,000) for married individuals filing separate returns;
B. one hundred fifty thousand dollars ($150,000) for heads of household, surviving spouses and married individuals filing joint returns; and
C. one hundred thousand dollars ($100,000) for single individuals]. The exempted amount shall not exceed the individual's net income."
SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2025.
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