Uniformed Svc. Retirement Pay Tax Exemption

Also relevant to:Senior (65+, Medicare/SS)

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Plain-English Summary

This bill removes the current $30,000 limit on the income tax exemption for uniformed services retirement pay in New Mexico. If passed, uniformed services retirees and their surviving spouses would be able to exempt the full amount of their retirement pay from state income tax, starting in the 2027 tax year. The bill also updates the language to refer to "uniformed services" instead of "armed forces."

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