Social Security Benefits Exempt From NM Income Tax

People generally complain (with good reason) with government legislatures. But on rare occasions, the politicians do something that most people can get behind with enthusiasm.

Such is the case of having Social Security benefits exempt from income taxation in New Mexico.

From the Santa Fe New Mexican:

The state Senate unanimously approved a tax package early Thursday morning that exempts Social Security benefits from the state’s personal income tax and reduces New Mexico's gross receipts tax rate by 0.025 percent over two years — both priorities of Gov. Michelle Lujan Grisham.

And with just about eight hours to go before the end of this year's legislative session, the House of Representatives overwhelmingly voted to concur with the Senate changes to House Bill 163 later that morning. 

That legislation is now on its way to Lujan Grisham's desk for her signature. 

One of the reasons the state voted to exempt Social Security benefits from the income tax is to entice seniors to move to New Mexico.

To read more, go here.