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At the Roundhouse this week, a House Committee gave it’s thumbs-up to a bill seeking to exempt social security earnings from New Mexico’s income tax.
Tom Trowbridge reports:
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House Bill 49—sponsored by Republican Representatives Cathrynn Brown of Carlsbad, Gail Armstrong of Socorro and Rebecca Dow of Truth or Consequences—received a “do-pass” recommendation from the House Labor, Veterans’ and Military Affairs Committee.
Here’s some of what Representative Brown told the panel:
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Brown and other supporters of the bill say repealing the income tax on social security income will send a signal to retirees that New Mexico is serious about becoming a retirement destination.
However, House Bill 49 has generated concerns from some public-interest groups, including New Mexico Voices for Children. Bill Jordan spoke on behalf of the non-profit when he said it stands in strong opposition to the bill:
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House Bill 49 now moves on to the House Taxation Committee.
For the New Mexico News Network, I’m Tom Trowbridge
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