SANTA FE, NM (KRQE) – On Thursday, Senate Bill 108 will be presented to the Legislative Assembly. It would remove the social security tax for seniors. The bill is sponsored by Senator Michael Padilla.
Right now, social security benefits that are subject to federal taxation are also subject to income tax in New Mexico. Leaders in the Department of Aging and Long-Term Services say taxation of social security harms senior citizens.
“We want all seniors to benefit from this because it not only helps our seniors remain independent, which is what we want them to do in our society, but it will also pump more money into our economy, which is what we need to do, ”said Katrina Hotrum-Lopez, Cabinet Secretary for Aging and Long-Term Services.
New Mexico is one of just 13 states that tax social security. Senate Bill 108 also has the support of the governor. she says ending this tax will lift yet another burden from New Mexico seniors living on a fixed income.