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HB 293

ELIMINATE SOCIAL SECURITY TAX

2025 Regular Session Introduced by Jay Block and 4 co-sponsors

HB 293 eliminates New Mexico's state income tax on Social Security benefits, reducing state revenue while increasing retirement income for eligible seniors.

action postponed indefinitely
#taxation #income
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Bill Summary · HB 293

Legislative bill overview

HB 293 proposes to eliminate New Mexico's state Social Security tax, which currently taxes benefits received by retirees. The bill would provide tax relief to Social Security recipients by removing this additional state-level tax burden on their retirement income.

Why is this important

Social Security recipients in New Mexico would see increased take-home income, potentially benefiting seniors on fixed incomes. However, eliminating this tax source would reduce state revenue, requiring either budget cuts elsewhere or alternative revenue sources to maintain state services.

Potential points of contention

  • Revenue impact: Removing a tax source reduces state funding for education, healthcare, infrastructure, and other services unless offset by tax increases elsewhere or spending cuts
  • Equity concerns: The benefit primarily aids retirees receiving Social Security; unclear how this aligns with broader tax policy goals or affects working-age taxpayers
  • Implementation complexity: Determining how to address the revenue gap and whether this is the most effective way to support seniors compared to targeted assistance programs

Compiled from official sources — confirm details with the bill’s official record.

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