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In New Mexico, low income retirees are not taxed on their social security income. If HB 49 gets passed, then it would extend to all retirees with social security income.
Republican lawmakers are looking to eliminate a tax for retirees. The majority of U.S. states do not tax social security income for retirees.
“We’re one of only 13 states that taxes that kind of income,” John Garcia, the executive VP for the Homebuilders Association of Central New Mexico, said.