SENATE BILL 602
54th legislature - STATE OF NEW MEXICO - first session, 2019
RELATING TO TAXATION; EXEMPTING FEDERAL EMPLOYEE RETIREMENT BENEFITS FROM STATE INCOME TAX.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Income Tax Act is enacted to read:
"[NEW MATERIAL] EXEMPTION--FEDERAL EMPLOYEE RETIREMENT BENEFITS.--Income from retirement benefits received pursuant to the Federal Employees' Retirement System Act of 1986 are exempt from state income taxation."
SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2019.