SANTA FE – Gov. Michelle Lujan Grisham on Thursday announced the introduction of Senate Bill 108, legislation sponsored by Sen. Michael Padilla that would exempt Social Security benefits from the state’s personal income tax.
“New Mexico is one of only a few states that taxes Social Security,” said Gov. Lujan Grisham. “Ending this tax lifts one more burden from the shoulders of New Mexico seniors living on fixed incomes.”
Currently, Social Security benefits that are subject to federal taxation are also subject to New Mexico income tax. New Mexico is one of just 13 states that tax the benefit.
“We have never had a better opportunity to eliminate income taxes on social security than we do right now,” said Sen. Padilla. “Record revenues make it possible to help hundreds of thousands of retired New Mexicans enjoy greater financial peace of mind.”
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