HOUSE BILL 264

56th legislature - STATE OF NEW MEXICO - second session, 2024

INTRODUCED BY

Harry Garcia and Alan T. Martinez and Debra M. Sari ana

and Tara Jaramillo

 

 

 

 

AN ACT

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] year 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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