FOR IMMEDIATE RELEASE
January 31, 2020
Contact: Matt Garcia-Sierra, firstname.lastname@example.org
Republican lawmakers proposing legislation to exempt social security from NM income tax
SANTA FE, NM— Rep. Cathrynn Brown (R-Carlsbad) and Rep. Gail Armstrong (R-Magdalena) yesterday presented House Bill 29 in the House Labor & Veteran Affairs committee. HB 29 proposes to exempt social security income from state taxation. Most retired persons live on a reduced, fixed income, and one-third have no retirement income aside for social security. HB 29 would repeal the tax and, on average, put $700 dollars in retiree’s pockets every year.
“It’s inexcusable that retirees who paid into the social security system through their working years and were taxed with every paycheck are being taxed again in retirement,” said Rep. Cathrynn Brown, “Double taxation is unjust and unfair.”
“Our proposal in HB 29 will no doubt bring new residents to New Mexico that will have disposable income and contribute to the vibrancy of our communities,” said Rep. Gail Armstrong, “Additionally this bill would provide New Mexico retirees with more financial stability in their retirement.”
House Bill 29 passed House Labor & Veterans Affairs committee on Thursday and is expected to be heard the taxation committee in the coming weeks.