HOUSE BILL 433
56th legislature - STATE OF NEW MEXICO - first session, 2023
Harry Garcia and Javier Martínez and Eliseo Lee Alcon and
Debra M. Sariñana and Tara L. Lujan
FOR THE MILITARY AND VETERANS' AFFAIRS COMMITTEE
RELATING TO TAXATION; REMOVING THE SUNSET DATE FOR AN INCOME TAX EXEMPTION FOR ARMED FORCES RETIREMENT PAY.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-2-5.13 NMSA 1978 (being Laws 2022, Chapter 47, Section 6) is amended to read:
"7-2-5.13. EXEMPTION--ARMED FORCES RETIREMENT PAY.--
A. An individual who is an armed forces retiree may claim an exemption in the following amounts of military retirement pay includable, except for this exemption, in net income:
(1) for taxable year 2022, ten thousand dollars ($10,000);
(2) for taxable year 2023, twenty thousand dollars ($20,000); and
(3) for taxable years 2024 [through 2026] and thereafter, thirty thousand dollars ($30,000).
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."
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