SENATE JOINT MEMORIAL 26

53rd legislature - STATE OF NEW MEXICO - first session, 2017

INTRODUCED BY

Bill Tallman

FOR THE JOBS COUNCIL

A JOINT MEMORIAL

REQUESTING THAT THE ECONOMIC DEVELOPMENT AND TAXATION AND REVENUE DEPARTMENTS STUDY THE COSTS AND BENEFITS OF ENACTING TAX INCENTIVES TO ATTRACT RETIREES TO RELOCATE TO NEW MEXICO AND ENHANCE THE STATE'S ECONOMIC DEVELOPMENT.

     WHEREAS, it is estimated that more than seventy-seven million baby boomers are approaching retirement; and

     WHEREAS, the presence of retirees in a state can improve the state's economy, boost its employment and revitalize its communities, given that retirees generally have a higher concentration of wealth and spend more money than other segments of the population and are able to settle in places with scarce job opportunities; and

     WHEREAS, New Mexico has many attributes attractive to retirees, such as its agreeable climate, mix of urban and rural communities, cultural diversity, recreational opportunities, proximity to transportation networks and scenic landscapes; and

     WHEREAS, New Mexico is one of a small number of states that tax pension benefits; and

     WHEREAS, New Mexico could further enhance its appeal as a retirement destination if it changed its tax laws to make the state a more attractive place for out-of-state retirees to settle; and

     WHEREAS, more retirees settling in New Mexico would promote a more robust state economy, boost the state's population and revitalize the state's communities; and

     WHEREAS, those outcomes would especially enrich New Mexico's rural communities;

     NOW, THEREFORE, BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO that the economic development department and the taxation and revenue department be requested to study the costs and benefits of various options for tax relief designed to attract retirees from other states to settle in New Mexico; and

     BE IT FURTHER RESOLVED that the departments be requested to report to the appropriate legislative interim committee during the 2017 interim on the results of their study; and

     BE IT FURTHER RESOLVED that copies of this memorial be transmitted to the secretary of economic development and the secretary of taxation and revenue.