By Dan Boyd, Albuquerque Journal
Jan. 31, 2020
SANTA FE – Two bills aimed at easing the tax burden on New Mexico retirees eased through their first House committee Thursday, despite concerns that they could reduce how much money is available for public schools and other services.
Both measures, House Bills 29 and 77, are intended to reduce or repeal the state income tax on Social Security benefits that some elderly state residents have to pay.
Backers say fully exempting Social Security benefits from taxation would leave roughly $700 per year more in the pockets of seniors, many of whom showed up to testify at Thursday’s hearing of the House Labor, Veterans’ and Military Affairs Committee.
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