HOUSE BILL 76
55th legislature - STATE OF NEW MEXICO - second session, 2022
Phelps Anderson and Harry Garcia and T. Ryan Lane and
Joy Garratt and Jane E. Powdrell-Culbert
RELATING TO TAXATION; PROVIDING AN INCOME TAX EXEMPTION IN AN AMOUNT EQUAL TO THIRTY THOUSAND DOLLARS ($30,000) OF MILITARY RETIREMENT PAY.
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--ARMED FORCES RETIREMENT PAY.--
A. An individual who is an armed forces retiree may claim an exemption in an amount equal to thirty thousand dollars ($30,000) of military retirement pay includable, except for this exemption, in net income.
B. As used in this section, "armed forces retiree" means a former member of the armed forces of the United States who has qualified by years of service or disability to separate from military service with lifetime benefits."
SECTION 2. APPLICABILITY.--The provisions of this act apply to taxable years beginning on or after January 1, 2022.
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