REMOVE SOCIAL SECURITY INCOME TAX CAP

SB 184 would remove income limits that currently restrict which New Mexico residents can exclude Social Security income from state income tax. The bill amends Section 7-2-5.14 of New Mexico's tax code to eliminate the $75,000 (single filers), $100,000 (single), and $150,000 (joint filers) income caps, allowing all Social Security recipients to fully exclude their benefits from state taxation. This change directly affects New Mexico residents receiving Social Security benefits, regardless of their total income level. The policy would take effect for tax years beginning January 1, 2025, if enacted.