Democratic-Sponsored Bill to Exempt Fixed-Income Seniors from Social Security Tax Advances

Santa Fe, NM – Today, House Bill 77, passed the House Labor, Veterans, and Military Affairs Committee. House Bill 77, sponsored by Representative Daymon Ely (D-Albuquerque), Representative Dayan Hochman-Vigil (D-Albuquerque), and Senator Bill Tallman (D-Albuquerque), proposes a limited exemption from Personal Income Tax for income from social security retirement that is taxable for federal purposes. Each individual may claim an exemption up to $24,000. 

Leave a Reply