0001|                           SENATE BILL 173
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0002|     43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003|                            INTRODUCED BY
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0004|                          RICHARD M. ROMERO
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO TAXATION; EXEMPTING SOCIAL SECURITY BENEFITS FROM
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0012|     INCOME TAXATION.
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0013|     
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0014|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015|          Section 1.  A new section of the Income Tax Act is
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0016|     enacted to read:
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0017|          "[<u>NEW MATERIAL</u>] EXEMPTION--SOCIAL SECURITY BENEFITS.--
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0018|     Monthly social security benefits paid to a person pursuant to
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0019|     42 U.S.C. 401 through 433 are exempt from income taxation and
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0020|     shall not be included in net income computed under Section
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0021|     7-2-2 NMSA 1978."
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0022|          Section 2.  APPLICABILITY.--The provisions of this act
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0023|     apply to taxable years beginning on or after January 1, 1998.
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0024|     .120805.1
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