SANTA FE, NM— A proposal to stop taxing New Mexico retirees’ Social Security income was tabled today by the House Taxation and Revenue committee. Representative Cathrynn Brown (R-Carlsbad) and Representative Gail Armstrong (R-Magdalena) are co-sponsors of House Bill 29. HB 29 along with another measure concerning the same issue, both stalled in the committee as members expressed concern over funding.
Democrat Chairman of Taxation and Revenue Jim Trujillo (Santa Fe) suggested three times that the state could pay for the exemption by doubling the property tax.
“We have just begun the fight to relieve our retirees from burdensome taxation,” said Representative Cathrynn Brown, “Our policies are counterintuitive to keeping and attracting retirees to our state. I am going to do all that I can to stand up for retirees.”
With the end of the 30-day session looming, it is unlikely the effort to deliver a Social Security income tax exemption will move forward following the committee’s tabling of the legislation.
“The majority of New Mexicans support exempting social security from taxation,” said Representative Gail Armstrong, “Why would we not try to take care of our retirees? The New Mexico Legislature has surplus money and a desire to uplift New Mexicans, so let’s not leave our senior citizens behind.”